ECO 1302 Chapter Notes - Chapter 2: Gross Domestic Product, Mixed Economy, Progressive Tax
21 Jan 2017
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The labour, machinery, buildings, and natural resources used to make outputs. The goods and services that consumers and others want to acquire. A measure of the size of the economy the total amount it produces in a year. Real gdp adjusts this measure for changes in the purchasing power of money, that is, it corrects for inflation. A period of time during which the total output of the economy falls. Sums of money that certain individuals receive as outright grants from the government rather than as payments for services rendered. Ration of taxes to income rises as income rises. Some public influence over the workings of free markets. There may also be some public ownership mixed in with private property. Canada is country that scores high on the united nations human development index an index that focuses on three measurable aspects of human welfare: life expectancy, literacy/school enrollment, and income level.
