ECON 1010 Lecture Notes - Real Wages, Production Function, Workforce Productivity
Document Summary
The growth rate of real gdp per person can also be calculated. Real gdp per person grows only if real gdp grows faster than the population. Sustained growth of real gdp per person can transform a poor/society into a wealthy one. Suppose a country"s pop grow by 2% a year at the same time its real gdp grows by 5 percent a year. The growth rate of real gdp per person is approximately to 5%-2%= 3% It is used to estimate how long it will take the level of any variable to double. A country"s current growth rate of real gdp per person is 2 percent a year. Real gdp per person doubles in 35 years ( 70 divided by 2 = 35) Canada experienced the slowest economic growth in 1980s. Canada experienced the highest economic growth in the 1960s. In 1980s, canada had the second highest real gdp per person.