ECON102 Lecture 2: Andrew Wong 01/09/19

• School: University of Alberta
• Department: Economics
• Course: ECON102
• Professor: Wong,Andrew

Document Summary

Aligned wealth of a nation to the productivity of its people. If labour is a scarce resource how are there more unemployed labourers than jobs. Macro is the study of the economy on a broad scale. Shows us what we want to do, where we want to go. Tells us whether or not the policy will even work. Gross domestic product (gdp) is the sum of the market values of all final goods and services produced in a country within a given period of time. Gdp is the most common metric for measuring the value of a national economy. Production is a process that converts inputs to outputs. Inputs are things that you cannot consume directly. When constructing a measure of how much a nation can produce in a given year, there are 2 hurdles to overcome. How to add up unique goods and services into one measure of productivity.