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ECON202 - Chapter 8 - (5 = = Productivity output per hour...

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ECON202 BOOK NOTES Chapter 8 1) Economic Growth and rising Living Standards a) Achieving a higher rate of growth in the long run generally requires some sacrifice in the short run b) The Importance of Growth i) Average standard of living (1) Total output (real GDP) per person ii) When output grows faster than the population, GDP per capita, our measure of the average standard of living, will rise. When output grows more slowly than the population, the average standard of living will fall iii) What makes economies grow (1) The amount of output the average worker can produce in a hour (2) The number of hours the average worker spends on the job (3) The fraction of the population that is working (4) The size of the population
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Unformatted text preview: (5) = = Productivity output per hour total outputtotal hours worked (6) = average hours total hourstotal employment (7) Employment-population ratio (a) The percentage of the population (b) = EPR total employmentpopulation (8) = total output population Xtotal outputtotal hoursXtotal hourstotal employmentXtotal employmentpopulation (9) = total output population X productivity X Average hours X EPR (10) Growth equation (a) And equation showing the percentage growth rae of output as the sum of the growth rates of productivity average hours, the employment-population ratio, and population. (11) Page 200 ECON202 BOOK NOTES Chapter 8 (12)...
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