Lecture Note for MGTA03, Lecture 2

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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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