MGTA01H3 Chapter Notes - Chapter 5: Business Cycle, Lorenz Curve, Underemployment
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MGTA01H3 Full Course Notes
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Gross domestic product the total value of all goods and services that are produced within a country during any given period. Gdp only tells s size, not growth or citizen wealth. Gdp growth the percentage change from one period to the next of the total value of all goods and services produced within a country. Recession two consecutive quarters (two periods, three months each) when gdp decreases (2009) Not making as many goods and services. Business cycle the expansion and contraction of a nations economic activity that happens over a period of years. Diffiult to raise already high gdp, easier if starting with low gdp. Gdp per capita a (cid:373)easure of a (cid:272)ou(cid:374)tr(cid:455)"s relati(cid:448)e (cid:449)ealth inputs (people, 20410$) Productivity - a ratio, outputs: inputs, products : factors. Labour force people aged 15 and over who have a job or are looking for one. Participation rate the percentage of the population 15+ who are in the labour force.
