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Lecture 4

MGTA01- Lecture 4- Sep 30.docx

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Department
Management (MGT)
Course
MGTA01H3
Professor
Chris Bovaird
Semester
Fall

Description
Lecture 4- September 30, 2013 Most profitable company: Exxon Mobil Review: Measures of economic performance: Gross Domestic Product (GDP): value of all goods and services produced in a country in one year  A measure of SIZE  A large GDP indicates lots of workers, using lots of resources and of capital, are producing lots of things of value GDP Growth: more people, making more stuff Falling GDP: fewer people, making less stuff > called ‘recession’ GDP / capita Productivity Unemployment Inflation Economies should grow—sometimes they don’t 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” Productivity Some countries are richer than others Why? Answer: productivity Productivity: outputs/inputs High productivity: (i.e. wealth) is produced by: Better educated, better trained labour More $$$ -> better technology More and cheaper natural resources Is the economy using all of the resources at its disposal? Unemployment Labour is underused People want a job—can’t find one!  Unemployment defined:  % of people, who are actively looking for work, but can’t find any  [Gini Coefficient]: measure of dispersion invented by Italian Mathematician  Occupy Wallstreet: we’re 90% of the population, and have only 10% of the wealth, and 1% of
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