MGTA01H3 Chapter Notes - Chapter 5: Business Cycle, Working Poor, Natural Disaster
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MGTA01H3 Full Course Notes
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Document Summary
Purpose of economic system is to produce things that a country"s people need and want. In order to judge the effectiveness of an economic system, and therefore the prosperity of a country"s people, we want the answer a few important questions. Those answers will not reveal everything we might want to know about the lives, the living conditions or the happiness of a country"s citizens. The word gross means total, or whole. Domestic means here at home or inside our borders. The word product mean the result or that which gets produced. Gdp: the total of all of the goods and services that are produced within a country, during any given period. Gdp provides us with a dollar-based measure of how much canadians produce. definitions emphasize the goods and services produced within a country. The range of goods and services that people need is vast. Gdp gives us one simple measure of how much a country has produced.
