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Chapter 7

Chapter 7 Econ 1010.docx

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Department
Economics
Course
ECON 1000
Professor
Sadia Malik
Semester
Summer

Description
Chapter 7 Econ 1010Production and GrowthChapter Focus Long Run determinants of the level and growth of real GDPEconomic Growth around the WorldThe data on real GDP per person show that living standards vary widely from country to country The last column growth rate measures how rapidly real GDP per person grew in the typical year Example Canadas real GDP in 1870 was 2522 and 39251 in 2006 Therefore it has an economic growth of 204 per year Its not constantly increasing by 204 it ignores short run fluctuations around the long run trend and represents an average rate of growth for real GDP per person over many years These data show that the worlds richest countries have no guarantee they will stay the richest and that the worlds poorest countries are not doomed forever to remain in poverty Productivity Its Role and Determinants To explain why incomes are so much higher in some countries than in others we must look at the many factors that determine a nations production Why productivity is so important Productivity refers to the quantity of goods and services that a worker can produce for each hour of workExample Sailor gets to consume only what he produces his living standard is tied to his productivity So if he catches more fishes etc hes well off and if he doesnt then he is worse off
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