ECO 1102 Lecture Notes - Lecture 5: Foreign Portfolio Investment, Investment Goods, Canada 2016 Census

• School: University of Ottawa
• Department: Economics
• Course: ECO 1102
• Professor: Gordon Lenjosek

Document Summary

Eco1102 - lecture 7: chapter 7: productive and. Standards of living among countries cary tremendously: at a point in time and are re ected in large differences in the quality of lving, overtime (growth) But country rankings can, and have, changed: example: table 7. 1 shows that over the past 100+ years, The uk has gone form 1st to 3rd position. Lesson: so poorer countries do not have to say poorer and richer countries have no guarantees they will stay richer. Principle: a country"s standard of living depends on its ability to produce goods and services. This ability depends on productive: the average quantity of goods and services. Friday, september 30, 2016 produced per hour of a workers time: let y = real gdp = quantity of output produced, let l = quantity of labor, then y/l = productivity (output per worker) When a nation"s workers very productive, real gdp is large and incomes are high.