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Lecture 4

MGTA03 - Week 4 - January 29, 2013
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Department
Management (MGT)
Course
MGTA01H3
Professor
Chris Bovaird
Semester
Winter

Description
MGTA03 – Introduction to Management – Week 4 Continuation from Last Week (Chapter 2) Review - What do you call an economic system where the government makes the choices? – Command/Planned Economy - What do we call an economic system that can make its own choices? – Market Economies - Gross Domestic Product: Values of all goods and services produced in a country in one year - Growing GDP o More people, making more stuff - Falling GDP o Fewer people, making less stuff, also called “recession” - The GDP for USA is growing feebly (0.8 – 0.9%) - The GDP for China is growing very quickly (8-9%) GDP Per Capita - GDP = Total size of an economy - “Per capita” = “Per Person” - GDP per capita = GDP per person - GDP per capita = a measure of relative wealth of “average citizen” o Total GDP divided by population - We care about GDP per capita is because when we look at the top 10 populations we would understand why there would be such a high GDP GDP/Capita – Richest 2010 - What is it about Luxembourg that makes it substantially the richest place on earth? o Small population o Taxes are low o Bankers o Half of the bankers who work there don’t actually live there  Germany, France and etc Productivity - Some countries are richer than others o Why? Productivity - Productivity = outputs(products/services) divided by inputs (people, $$$$) Productivity = Outputs/inputs - High productivity (ie wealth) is produced by : o Better educated, better trained labor - More money  Better technology o The more money you have, the better the things you have - More and cheaper natural resources Productivity - IS the economy using all of the resources at its disposal? Unemployment - Labour is under-used - People want a job – can’t find one! - Unemployment defined : % of people who are actively looking for work, but can’t find any Unemp
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