MGTA01H3 Lecture : Lecture Note for MGTA03, Lecture 2

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19 Jul 2010

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MGTA01H3 Full Course Notes

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Purpose of economic system: create an environment where entrepreneurs can get hold of labour, capital and resources. Is the economy producing things people want: gdp(gross domestic product) N fantasy way of saying the total/value of all the things produced in. N canada is in the top dozen in largest economic system, we are a player: gdp growth. S gdp growing = more people making more stuff. S gdp falling = fewer people buying less stuff. S the chinese and indians were doing things really, really well a few years ago since their gdp increase was 10% and 7% respectively. S the importance of gdp growth is for economic system growth: productivity. S the amount of man-hours and man-days it takes to produce stuff. S how much of the input is required to produce some output. N american businesses spend a lot more in capital; they invest more in fancy machines than we do. www. notesolution. com.

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32) Which of the following best describes the term gross domestic product? a) total value of all goods and services produced within a given period by a national economy through domestic factors of production total quantity of goods and services produced by an economic system conditions of the economic system in which an organization operates total quantity and quality of goods and services that a country's citizens can purchase with the currency used in their economic system total value of all goods and services produced by a national economy within a given period regardless of where the factors of production are located

9) Unemployment is the level of joblessness among a people actively seeking work in an economic system. people over the age of 18 and under the age of 65 in a given economic system. people who have been previously employed in an economic system. people over the age of 18 within a given economic system. c)

13) Unemployment is the level of joblessness among b) people actively seeking work in an economic system. people over the age of 18 and under the age of 65 in a given economic system. people who have been previously employed in an economic system. people over the age of 18 within a given economic system. d)

MGTA01H3 Lecture : Lecture Note for MGTA03, Lecture 2

MGTA01H3 Full Course Notes

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