Actuarial Science 2053 Chapter Notes - Chapter 1: Workforce Productivity, Deflation, Business Cycle
20 Nov 2012
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Document Summary
Is the study of the structure and performance of national economies and of the policies that governments use to try to affect economic performance. The issues that macroeconomic address includes the following: On average the annual output of goods and services has increased by. Industrial economies is one of the central facts of modern history and has enormous political, environmental, social and even cultural implications. Growth of canadian economy is the result of a rising population which has meant a steady increase in the number of available workers. Labour productivity: the amount of output produced per unit of labour input ex. Per hour of work is called average labour productivity. 2009 canadian worker produced 5 more times as much output in as average worker in 1921. Output of worker ultimately determine whether a nation will be rich or poor. Rates of saving and investment are important for growth. To describe short-run, sometimes sharp, contractions and expansions in economic activity.
