ECO 1304 Chapter Notes - Chapter 2: Gross Domestic Product, Government Spending, Capital Account
Document Summary
In 1950, 23% of women in the labour force. In 2006, over 62% of women in the labour force. Periods of boom and bust (recession) known as business cycles or economic fluctuations. Unemployment rises during recessions and declines during booms. Close to of total production flows from public sector activities. Gross domestic product (gdp): the standard measure of the economy"s output. Government spending accounts for about 22% of gdp (cid:498)open(cid:499) economy: Growth is irregular from year to year. 16. 5 million canadians held jobs in 2006. Majority of workers produce services, not goods. Payments to capital account for the remainder of national income. Consumption: is a consumer"s spending on goods and services. Non-consumption uses include government services, business purchases, and. Average hourly wages of over plus benefits. Owners of capital receive profit and interest. Profit accounts for about 7% of the price of a typical product. Labour-saving innovations in manufacturing has reduced the share of the workers in goods-producing industries.
