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Lecture 6

Lecture 6 - International Business

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University of Toronto Scarborough
Management (MGT)
Chris Bovaird

MGTA03 LECTURE 6 CHAPTER 2 Basic measures of economics performance GDP, GDP growth, GDPcapita, productivity, unemployment GDP is the dollar value of all the goods and services produced in the course of one year in a country US produces about 11-12 times more products than us Is the economy growing? Is the Canadian economy growing Canada usually grows about 2-3% Canada had huge policy changes + mass globalization + opened to the world (export) Chinese economy growing by 10% Divide total GDP with the population to get GDP per capita Doesnt say if everyone is healthy, but if its relatively healthy or relatively poor Average Canadian GDP is $40,000 Canada is in the top 20 of the world Canadas GDP is less than the US, US is a little bit richer on average than Canada US is 20% more wealthier than us because of productivity, make more Can make more stuff if you have access to lots of and good quality factors of production Good quality raw materials Reasons: more and better universities, access to better technology, spend more time working smart, climate (affects time and distances of travel), etc. Canada has to work harder US has done a better job at using their people [factor of production] Canada unemployment rate: 6-8%, US: 4-7% Economic theory says use the people who are willing to work hard Recently unemployment rate in Canada shot up to 10%
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