ECON 1100 Chapter Notes - Chapter 7: Knowledge Management, Newly Industrialized Country, Joseph Schumpeter

• School: University of Guelph
• Department: Economics
• Course: ECON 1100
• Professor: Eveline Adomait

Document Summary

Real gdp per capita is the best measure of a countries standard of living: represents the average person"s ability to buy goods or services. Economic growth happens when the real gdp per capita increases of a country. Industrial revolution: the application of mechanical power to the production of goods beginning in england around 1750. Economic growth over time and around the world. Objective: define economic growth, calculate economic growth rates, and describe global trends in economic growth. Economic growth from 1 000 000 bce to the present. The human species survived as hunters and gathers. We developed farming later on, but the real gdp per capita didn"t really increase: it is believed that the real gdp per capita would of cost per year (in 2010. Real gdp per capita only began to increase during the industrial revolution. dollars): it started in the year 1750, began in england.