MGTA02H3 Lecture Notes - Lecture 7: Planned Obsolescence, Total Quality Management
1
MGTA02H3 Full Course Notes
Verified Note
1 document
Document Summary
Chapter 7: productivity: doing more with less: productivity: a ratio which measures how much gets achieved relative to the inputs that are used to achieve it. (inputs : outputs / factors : products) National productivity: a measure of how productive an economy is. Restaurants: revenue / table , revenue / store. A country can be productive when it has plentiful, high quality factors of production that are used effectively. Gdp only reports total and average productivity but not the distribution of wealth. Gdp ignores social and political factors such as human rights; democratic rights; treatment of less-privileged etc. Nominal gdp: measure current quantity and current price. (how government may benefit from inflation-inflation is a hidden tax on citizens which reduces the living standard. ) Better measure of material well-being than nominal and real gdp. A country with higher gdp and large population might not fair well in this calculation. e. g. india: real gdp rank: 03*
