ECON 301 Lecture Notes - Lecture 1: Gross Domestic Product, National Product, Weighted Arithmetic Mean
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27 Oct 2015
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Econ 318: canadian economic policy & institutions 2015-2016. Scarcity of resources is a relative term: wants are unlimited, while the resources are limited or finite, scarcity is not shortage or poverty. Economic activity is what people do to cope with scarcity of resources, It comprises all activities, processes, and institutions of a society aimed at the production, distribution, and consumption of goods and services. Three main indicators of economic activity: output. : a measure of the total quantity of goods and ser vices produced in the economy. It is also a measure of the incomes generated by that production: price level the economy the price level reflects the costs of production in the economy. : a weighted average of the market prices of all final goods and services produced in: employment economy"s output. : a measure of the number of jobs used or unused in the production of the. Produce g+ s or income is the same thing.
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