MGTA01H3 Lecture Notes - Lecture 4: Underemployment
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MGTA01H3 Full Course Notes
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Mgta03 introduction to management week 4. Gross domestic product: values of all goods and services produced in a country in one year. Growing gdp: more people, making more stuff. Falling gdp: 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 = total size of an economy. Gdp per capita = gdp per person. Gdp per capita = a measure of relative wealth of average citizen : 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. What is it about luxembourg that makes it substantially the richest place on earth: small population, taxes are low, bankers, half of the bankers who work there don"t actually live there. Productivity = outputs(products/services) divided by inputs (people, 1768317683)