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Lecture Macroeconomics - Chapter 16: Economic growth and the new economy

Chapter 16 - Economic growth and the new economy. In this chapter, the following content will be discussed: About the ingredients of economic growth, about production possibility analysis, about Canada’s economic growth rates, about productivity growth and the new economy. | Chapter 16 ECONOMIC GROWTH & THE NEW ECONOMY SLIDES PREPARED BY JUDITH SKUCE, GEORGIAN COLLEGE In this chapter you will learn About the ingredients of economic growth About production possibility analysis About Canada’s economic growth rates About productivity growth and the new economy Chapter 16 Topics Ingredients of Growth Production Possibilities Analysis Canadian Economic Growth Rates Accounting for Growth Productivity Growth & the New Economy Is Growth Desirable & Sustainable? Ingredients of Growth Supply Factors natural resources Ingredients of Growth Supply Factors natural resources human resources Ingredients of Growth Supply Factors natural resources human resources capital goods Ingredients of Growth Supply Factors natural resources human resources capital goods technology Ingredients of Growth Supply Factors natural resources human resources capital goods technology Demand Factor households & businesses must purchase the economy’s output Efficiency Factor economic . | Chapter 16 ECONOMIC GROWTH & THE NEW ECONOMY SLIDES PREPARED BY JUDITH SKUCE, GEORGIAN COLLEGE In this chapter you will learn About the ingredients of economic growth About production possibility analysis About Canada’s economic growth rates About productivity growth and the new economy Chapter 16 Topics Ingredients of Growth Production Possibilities Analysis Canadian Economic Growth Rates Accounting for Growth Productivity Growth & the New Economy Is Growth Desirable & Sustainable? Ingredients of Growth Supply Factors natural resources Ingredients of Growth Supply Factors natural resources human resources Ingredients of Growth Supply Factors natural resources human resources capital goods Ingredients of Growth Supply Factors natural resources human resources capital goods technology Ingredients of Growth Supply Factors natural resources human resources capital goods technology Demand Factor households & businesses must purchase the economy’s output Efficiency Factor economic efficiency & full employment Chapter 16 Topics Ingredients of Growth Production Possibilities Analysis Canadian Economic Growth Rates Accounting for Growth Productivity Growth & the New Economy Is Growth Desirable & Sustainable? Production Possibilities Analysis Growth & Production Possibilities Consumer goods Capital goods B A Economic growth Figure 16-1 a D C b Production Possibilities Analysis Labour & Productivity size of employed labour force average hours of work labour inputs (hours of work) technological advance quantity of capital education & training allocative efficiency other labour productivity (average output per hour) Real GDP X = Figure 16-2 labour force participation rate Production Possibilities Analysis Growth in the AD-AS Model Capital goods B A Figure 16-3 D C Consumer goods Price level Real GDP Q1 ASLR1 Q2 ASLR2 Long-Run AD - AS Model o P1 ASLR1 Q1 AD1 AS1 Long-run & short-run AS increase over time Price Level © 2002 McGraw-Hill Ryerson Ltd. Macroeconomics, Chapter 16