EC120 Chapter Notes - Chapter 1: Opportunity Cost, European Cooperation In Science And Technology, Planned Economy
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EC120 Full Course Notes
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Document Summary
Intro : many of the environmental, social or political challenges that we face have a significant economic dimension. Productivity growth long-term increase in average living standards (productivity measure of how much income is produced by one hour of work), has been declining in canada. Population aging the average age of the canadian population is steadily increasing (due to long term decline in fertility (results in decline of labour force, wages will rise as companies need more people, health-care cost increase) Climate change long term increase in the emission of greenhouse gases (resulting in melting of polar ice caps and reductions in agricultural productivity) presents a challenge for the design of better economic policy. Global financial stability the us housing market crashed in 2008, this resulted in a recession, most governments helped out their banks, ended in 2014, but most countries are still recovering.
