Class Notes (835,428)
Canada (509,186)
MGTA01H3 (348)
Lecture 4

MGTA03 - Week 4 - January 29, 2013

3 Pages
Unlock Document

Management (MGT)
Chris Bovaird

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
More Less

Related notes for MGTA01H3

Log In


Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.