BUS400 Lecture Notes - Lecture 1: John Maynard Keynes, Invisible Hand, Macroeconomics
Document Summary
The term adam smith used to describe the market mechanism: describe the great depression. Wrote the book the general theory of employment, interest, and. The simultaneous occurrence of high rates of inflation and high rates of unemployment: draw the simple circular flow model. Explain what happened to gdp in 2008 through 2013. Gross domestic product (gdp), is the market value of all the final goods and services produced within a country in a given time period. From canada"s gdp growth rate was in the negative after the recession started, and then through to 2010 it was over 5%. The number of working-age canadians actively seeking employment (yet currently unemployed) expressed as a percentage of the labour. 2 force: explain how the ui rate moved from 2007 2014. In 2007, canada recorded its lowest unemployment rate (6. 0%) since the mid-1970s. In 2008, another recession occurred and, at its worst, unemployment in canada measured 8. 3%.
