In fact, in 1999 the productivity of workers in the goods sector rose by 2.1 and 1 in the services sector. This caused GDP for the year to be three times the levels for 1998, 1.4 compared to .5 in 1998.

GDP is said to be a useful indicator of just how well the economy is doing. In our modern economy, productivity increases can reflect improvements in a number of critical areas, such as the advancement of production techniques or the capacity to use knowledge better. Productivity also provides the foundation for improvements in a country's standard of living. Wages and salaries grow when businesses become more efficient, and higher production efficiency also allows the prices of goods and services to drop. Increased productivity is also a sign of a highly skilled labour force. This usually means management practices are improving and that the majority of the workers are using machines to produce goods.

The amount of economic output for every person in the country can also be a telling sign of how well the economy is operating. We call this GDP per capita. GDP per capita measures can help indicate the average family income, growth in Canada's GDP per capita and growth in average annual income



National Income (Real GDP) and the Standard of Living... residents of a nation. As with GDP, GNP is neutral with regard to where the assets of the residents are located. Thus the GNP of ... (2629 11 )

GDP Measurement of the Economy... In a country such as the US, GDP and GNP "are not much different in magnitude," especially in comparison to the difference in less-developed nations where ... (1793 7 )

MACROECONOMIC ANALYSIS OF LEBANON... GDP and GNP are measured in both nominal and real terms. Nominal ... GDP and GNP are measured in both nominal and real terms. Nominal ... (4614 18 )

Nine Macroeconomic Reviews... 5. What Is the Difference between Gross Domestic Product (GDP) and Gross National Product (GNP)? ... GDP and GNP are measured in both nominal and real terms. ... (4801 19 )

International Marketing Plan... As the data presented in Table 1 indicate, Mexico's total external debt exceeds 50 percent of the country's GNP and its GDP. Of ... (2798 11 )

Aspects of Macroeconomics... GNP equals GDP adjusted for net foreign factor income. In this case, GNP equals $1.497 trillion. (b) NDP is GDP adjusted for depreciation. ... (3200 13 )


Join Now
  Get instant access to over
85,000 Term papers and
Saved Papers

Save your essays here so you can locate them quickly!

"This information was helpful and easy to find."
Kris DD.
"This site is so helpful! You have opened my eyes to learning thank you!"
Karen F.
"I liked the information that you gave to me because it helped me do a analytical essay for this short story and i give it a 10/10 =) "
Dave M.
"it really helps me get different point of views on some essay subjects."
Steve D.
"I got the best grade I've ever gotten A+"
Mary P.
Home | Custom Essays | Join | FAQs | Support | Acceptable Use Policy
All papers are for research and reference purposes only!
Copyright © 2002-2014 RAD All Rights Reserved. DMCA HMS