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ECO105_LEC01 - Notes for Lecture 1 About Economics And...

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Notes for Lecture 1: About Economics And Economic Goals [September 11, 2007] Economic Concepts: resource scarcity, marginal analysis, opportunity cost, economic growth, per capita economic growth [proxy for standard of living], economic convergence, labour productivity [output per person hour of work], income distribution, full employment, price stability, foreign exchange balance, energy and water availability, economic efficiency, the key Millennium goals, Krugman on labour productivity, the production possibility curve [PPC], Mishan’s “Choice” and the twin deficits [prosperity gap and productivity gap] between Canada and the United States. Mathematic requirements in Eco 105Y: the concept of slope, the use of a straight line equation [ and set of equations] and a weighted average. Economic Goals for Canada [or any industrial country] During the lecture key comments were made related to the most important goals for this course. a.i] increased economic growth; .ii] increases in per capita economic growth [increases in G.D.P. per capita] which is a measure of the standard of living in a country; .iii] convergence in per capita economic growth on the leading industrial country: e.g., the United States; b. increased labour productivity [output per person hour of work]; c. full employment of the labour force [5% unemployment rate]; d. price stability [i.e., limited inflation] – the Bank of Canada has established an acceptable rate of “core” inflation between 1% and 3%. “Core” inflation includes the movement of all consumer prices, which are included in the Consumer Price Index, with the exclusion of basically two price volatile categories: fruit and vegetables and energy.
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