MGTA01H3 Lecture 5: Measuring Performance of an economic system (Chapter 5) (Part 1)

• School: UTSC
• Department: Management
• Course: MGTA01H3
• Professor: Chris Bovaird

Document Summary

Measuring performance of an economic system (chapter 5) Should be able to explain in own words for exam. Gdp = total value of all goods and services produced within a country in a year. If a country has a large gdp: many workers, using many factors, producing many things of a. If a country has small gdp: few workers, using less capital, producing few things of small value. Gnp = total values of all goods and services produced by factors belonging to a country. Gdp : measures value of goods and services produced in canada. Gnp : measures values of goods and services produced by canadian organization anywhere in. (know the top 10 countries with the largest gdp for midterm!) the world. More people in more businesses, producing more goods and providing more services. 2 consecutive quarters (3 months) when gdp falls. Poor countries have greatest capacity for growth.