What Was The Canadian GDP Per Capita In 2016?

1. How does economic recession effect unemployment?
A recession has a domino effect, where increased unemployment leads to less growth and drop in consumer spending, affecting businesses, which lay off workers due to losses. A recession always occurs when there are two or more than two successive quarters of negative GDP growth.

2. What are the GDP components; how is GDP calculated and what do we mean by “final produts” when calculating GDP?
GDP has four major components which includes Investment, Net export, Government expenditure and Personal consumption .We can calculated GDP by using this equation : GDP = C+I+G+(X-M). It transforms the money-value measure, nominal GDP.GDP is a monetary measure of the market value of all final goods and services produced in a

Please explain why is it important to distinguish between price and productivity and how do we distinguish between price and productivity when calculating the growth in GDP?
Price is the quantity of payment or compensation given by one party to another in return for goods or services. However productivity is the ratio of what is produced to what is required to produce. Price and productivity both plays an important role in an economy as if there is more productivity of goods are their than the price of goods are less but on the same side if productivity is less than the price is higher in the economy.

4. What was the Canadian GDP in 2016? What was the Canadian GDP per capita in 2016? Is it important to know what the GDP per capita-please explain your answer?
The Canadian GDP in 2016 was1.53 trillion. The Canadian GDP per capita in 2016 was42, 157.93. Yes, it is important to know about the GDP per capita of any country because GDP per capita is calculating by dividing a country’s total GDP by its population, and figure out the national standard of living of any country.

5. Please explain the two most important concepts you have learned about GDP.
Following are the two most important concepts of