ECON 2000 Chapter Notes - Chapter 1: Gross Domestic Product, Canada Pension Plan, Old Age Security

29 views2 pages
10 Dec 2016
Department
Course

Document Summary

1. 1 introduction to macro and the great recession. Macroeconomics is the study of the economy. In the short run, macroeconomic analysis focuses on business cycle, refers to alternating periods of economic expansion and economic recession experienced by the canadian and other economies: expansion, recession. In the long run, macroeconomic analysis focuses on: economic growth, which is the process by which increasing productivity and capital stock raises standard of living, in order to increase standard of living, you must be increasing production faster. Labour productivity is the quantity of goods and services that can be produced by one than population growth. worker or by one hour of work. Rate of long-run economic growth will determine the changes in living standards. 1. 1. 2 aging populations pose a challenge to governments. Canada has three programs that provide support to retried workers: old age security and guaranteed income supplement, cpp and quebec pension plan, universal health care system.

Get access

Grade+20% off
$8 USD/m$10 USD/m
Billed $96 USD annually
Grade+
Homework Help
Study Guides
Textbook Solutions
Class Notes
Textbook Notes
Booster Class
40 Verified Answers
Class+
$8 USD/m
Billed $96 USD annually
Class+
Homework Help
Study Guides
Textbook Solutions
Class Notes
Textbook Notes
Booster Class
30 Verified Answers

Related Documents

Related Questions