ECO - Economics ECO 2315 Chapter Notes - Chapter 7: Robert Fogel, Opportunity Cost, Externality

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An economy"s gdp measures both the total income earned in the economy and the total expenditure on the economy"s output of goods and services. The level of real gdp is a good gauge of economic prosperity. The growth rate of a country measures how rapidly real income per person grew in the typical year. Productivity is a summarized reason for why living standards vary so much around the world. Productivity: the quantity of goods and services produced from each unit of labor input. Productivity is the key determinant of living standards and that growth in productivity is the key determinant of growth in living standards. An economy"s gdp measures two things at once: the total expenditure on the economy"s output of goods and services. A nation can enjoy a high standard of living only if it can produce a large quantity of goods and services.

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