• Goods & Services that are bought by individuals & used to provide personal enjoyment & contribute to a person's standard of living
• In 2002, it accounted for 41% of total production

• Are bought by businesses to increase their productive resources
• It accounted for 14% of Total Production in 2002

• Are bought by government
• It accounted for 16% of Total Production in 2002

• Produced in one country and & sold in other countries
• It accounted for 29% of Total Production in 2002

Is the knowledge and skills that people obtain from education, on-the-job training and work experience. It improves the quality of labour

• Are tools,machines, buildings, & other constructions that have been produced in the past & that businesses now use to produce goods and services
• Does not include financial capital such as stocks, bonds etc.

• Are money, stocks, bonds
• These are not productive resources.It enables people to provide businesses w/ financial resources but are not used to produce goods and services therefore they are not considered as capital

• Is the human resources that organize land, labour & capital
• They come up w/ new ideas about what & how to produce, make business decisions and bear the risks that arise from these decisions

• Individuals or groups of people living together as decision-making units
• They own the factors of production and choose the quantities to provide to firms in the factors market
• They also choose the quantities of goods and services to buy in the goods market

• The institution that organize the production of goods and services
• They choose the quantities of factors of production to hire in the factors market
• They choose the goods and services to produce in the goods market

• Are the 28 countries that have the highest standard of living namely US, Japan, Germany, France, Italy, UK & Canada. So do the 4 new Asian Economies, Hongkong, South Korea, Singapore, Taiwan. Also, Australia, New Zealand & most of the rest of Western Europe
• Almost 1B people live in this economy

• Are the 128 countries in Africa, Asia and the Middle East, Europe and Central and South America
• Almost 5B people live in this economy

• Are the 28 countries in Europe & Asia that were until the early 1990's was part of the Soviet Union or its satellites. These countries include Russia, Hungary, Poland & Czech Republic
• Only 200M people live in this economy
• This economy is in transition from a state-owned production, central economic planning & heavily regulated markets to a system of free enterprise & unregulated markets

Labour = 68%

Corporate = 18%

Proprietors = 8%

Interest = 6%

Richest -        43 %

2nd Richest -  24 %

Middle =         17 %

2nd Poorest = 11 %

Poorest =       5%

Note: The richest gets 67%, middle - 17% and poor only get 16%

1. Advanced
2. Developing
3. Transition

What are the main taxes paid to the provincial and local governments?

1. Sales Tax
2. Personal & Corporate income tax
3. Property tax

1. Expenditure on goods and services
2. Welfare benefit payments

1. Personal Income Tax
2. Corporate Income Tax
3. GST & Excise Tax

1. Expenditures on Goods and Services
2. Transfers to persons
3. Transfers to Provincial and Local Government

1. Land
2. Labour
3. Capital
4. Entrepreneurship

In 2002, What are the numbers of Canada's total production?

1. Consumption goods & services
2. Investment goods & services
3. Government goods & services
4. Export goods and services

1. Consumption goods & services - 41 %
2. Investment goods & services - 14 %
3. Government goods & services - 16 %
4. Export goods and services - 29 %

1. Consumption
2. Investment
3. Government
4. Export

Describe the macroeconomic performance:

1. Standard of Living
2. Cost of Living
3. Economic Fluctuations

1. 1998
2. Asian Crisis

1. transition economies - Russia & its neighbors
2. Japan

1. USA
2. Canada
3. Germany
4. Japan
5. Italy
6. France
7. UK
8. Other Advanced
9. New Industrial Asia
10. Central & Eastern Europe
11. Russia
12. Central & South America
13. Middle East & Europe
14. China
15. Other Asia
16. India
17. Africa