Chapter 7 Productivity and Gains

Chapter 7 Productivity and Gains - 7-1Chapter 7: 1Economic...

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Unformatted text preview: 7-1Chapter 7: 1Economic GrowthEconomic Growth oRefers to growth of one of three interrelated macroeconomic variables:oAggregate output/income (GDP)oGDP per capitaoProductivity7-2See: www.csls.caoOn-line Availability of the Spring 2008 Issue of the International Productivity MonitorThe Rule of 7070g7-3The Arithmetic of Compound GrowthYearClosing Bank Balance7-4Formula for Compound Growth7-5Calculation of a Growth Rate (g)oLet g to denote the annual growth rate7-6Graphs7-7Different Growth RatesValue of GDPGrowth RatesYear 0Year 10oValue of GDP is in billions of dollars7-8Economic Growth Around the WorldoSee Table 7-1oFor a discussion on GDP per capita, investment share and population growth around the world, go to the World Bank website: owww.worldbank.org oAlso see:ohttp://siteresources.worldbank.org/DATASTATISTICS/Resour ces/table4_1.pdf 7-9Determinants of ProductivityoRecall One of the Ten Principles of Economics:...
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Chapter 7 Productivity and Gains - 7-1Chapter 7: 1Economic...

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