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Lec 3.docx

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Management (MGT)
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Lec 3- MGTA03 Monday may 28 . th Material in chapter 2- about measuring economic performance Quick review (when began chapt. 1 and what prof mckonky said last week as he completed the discussion about understanding the Canadian environment) - The software, tophatmonacle webbased, -- signed up and did the question Review - business is an organized effort to produce or supply something - Purpose of a buss. Is to achieve some financial result, to make the owners, organizers, founders richer (profit; revenue-expenses. Profitable buss- apple, royal bank. Opposite is loss, e.g. blackberry, rim, research in motion, postal service. ).. big buss. Can make losses (e.g. GM) - Basic economic theory, basic DNA of a buss= factors of production (labor, entrepreneurs, natural resources, capital) - In this country, think ppl should be allowd to start up a buss. And if people want to start up a buss, they should be allowed to do so with a min. number of things in the way. - Bill talked about diff econ systems- a fancy way of saying a country, a government, a political state o In every country because of history culture whatever, gov’t takes a huge role in directing what buss. Gets started and where people work and etc. where you invest, how much you pay people. Other govts take a smaller role o Two broad types; govt takes a huge majority role- makes many or most decisions (command economoy/planned economy, e.g. communist country, north korea) vs. where people make most of the decisions- market economy  Two kind of market econ 1. Capitalist- govt takes no role (no pure example). 2. Mixed market econ, private individs make most the decisions, private indivds have more of the power. Buy shares - Measures of economic performance o As you read chapter two, are 6 big points to keep in mind (GDP, GDP grouth, GDP/capita, productivity, unemployment, inflation) o Whats the purpose of an economic system- why do societies exsist? (so someone can assemble labor, harvest enough natural resources to make the things that people want). o How do we know if the candian economic system (as a society) doing the right thing the right way.--> are you making things people want? o Is the Canadian economy making alot of things that we want--- first concept to know about is GDP  GDP  Gross domestic product—the value of all the goods and services produced in a country in one year. is a big crude number that says is an economy, any given one, large.  Number doesn’t say if its good or bad stuff, is ppl making the same amount, the quality whatever, is just the huge value of all the things of what people are making  If GDP is one big number, the total value of all the stuff a country makes. USA is the biggest, china,  Falling GDP is called a recession, in 2008-2010, shit hit the fan and most of the world went into a deep reces
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