MGTA01H3 Lecture Notes - Lecture 4: Gini Coefficient, Exxonmobil, Occupy Wall Street

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25 Nov 2013
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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 growsometimes 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
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