ADMS 1000 Lecture Notes - Lecture 5: Gross Domestic Product, Technological Change, Ricardian Equivalence

• School: York University
• Department: Administrative Studies
• Course: ADMS 1000
• Professor: Indira Somwaru

Document Summary

Next week in class 2 hours. Multiple choice questions/short answer/case + 2 questions. They use inputs (5 factors of production: natural resources, labour, capital, human capital. Knowledge, skills and abilities: structural capital (cid:862)whate(cid:448)er is left (cid:449)he(cid:374) the hu(cid:373)a(cid:374)s go ho(cid:373)e. (cid:863) (eg. data bases, relationship capital. The study of smaller components of the economy and existing supply of goods and services. The study of larger issues affecting the economy. (eg. inflation, unemployment, gdp, price levels) How the 5 factors of production are managed. The government determines the allocation of resources (5 factors) Individuals can own property and make their own business decisions. Types of economic systems (what it would look like in each system) Government decides what will be produced and when. Government owns large sectors of the economy/some private enterprise. Strong support systems (eg. subsidized health care & education) Most industries are privately owned with some government control. No barriers to entry (cid:894)(cid:862)anyone can get in and start selling(cid:863)(cid:895)