MGTA01H3 Lecture Notes - Lecture 5: Gross Domestic Product, Soil Fertility
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MGTA01H3 Full Course Notes
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If a country has large gdp: many workers, using many factors, producing many thing of high value. Jobs and revenue generated increase u. s. gnp: gdp measures size, gdp measures an economy"s size, gdp does not measure, growth, wealth, opportunity, distribution, gdp growth, an economic system should grow, growing gdp indicates: In more businesses: more people, producing more goods, providing more services, more jobs, more stuffs. Slow growth / no growth: falling gdp indicates: Falling gdp called "recession: recession, when gdp falls. 2 consecutive quarters (3 months: business cycle, the regular expansion and contraction of economic activity that takes place every few years. Intended to show: wealth of "average" citizen. India: weakness of gdp per capita, gdp per capita is just an arithmetic mean, not everyone in canada works, not everyone in canada is rich, not everyone in india is poor. It is possible to fail a course which has a "class average" grade of 75%
