Microeconomics: Economic Growth, Employment, Capital, and Productivity - Edubirdie

University:
California State University, Northridge
Course:
ECON 160 | Principles of Microeconomics
Academic year:

2023
Views:

403

Pages:

2
Author:

Mahmoud M.

Microeconomics notes Economic Growth: - Potential GDP Growth Per Capita Macro PPF: - Horse: Maximum total that country P can produce when all resources are exhausted - Inside: Non-productive goods Employment growth: ● Increase in human Capital ● growth / immigration / labor force participation Capital increase: Change More factories and equipment Land increase: Land increase for investment Use of non-adjacent lands for tourism ● Good management system ● Better employees Economic growth: - Real GDP per capita this year - GDP per capita last year / Real GDP per capita last year or x 100 Rule of 70: Number of Years Generated Income (Percent Annual Growth Rate) Productivity: - Efficiency in Production and Services. Economic Trends: - Real GDP swaying around Potential GDP ● Expansion: Increases Real GDP ● Construction: Decreases Real GDP ● Recession: 2+ quarters of construction completion Output Gap: Real GDP - Potential GDP gap: output Recession gap is negative (real GDP < potential GDP) ● Inflation gap: output gap is positive (real GDP > potential GDP) Real GDP per capita is limited Excludes: - Non-market production (household) - Land trade (illegal but tax free0.

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