Chapter 4 - Chapter 4: Macroeconomics: Bird`s Eye View of...

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Chapter 4: Macroeconomics: Bird`s Eye View of the Economy Standard of Living – the degree to which people have access to goods and services that make their lives easier, healthier, safer, and more enjoyable Average Living Standard per Person – output per person Average labour productivity – output per employed worker Macroeconomic Policy – affect the performance of the economy as a whole Fallacy of Composition – the mistake of falsely assuming that what is true at the level of a particular individual, household, form, or industry is necessarily true at a higher aggregate level Fallacy of Causation – incorrectly reasoning that when one event proceeds another of the first event must have caused the second ( cause and effect) Economic Growth and Living Standards 1) Higher Standard of Living Longer life expectancy, better health care system More and better consumer goods Higher literacy rates Opportunity for cultural enrichment Increased population people have to share those goods and services
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This note was uploaded on 04/18/2008 for the course ECON 102 taught by Professor Lemche during the Spring '08 term at The University of British Columbia.

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Chapter 4 - Chapter 4: Macroeconomics: Bird`s Eye View of...

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