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RSM100Y1 (90)
John Oesch (56)
Midterm

MIDTERM REVIEW Part 3

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Department
Rotman Commerce
Course
RSM100Y1
Professor
John Oesch
Semester
Fall

Description
Part 3 Macro Issues for the FutureA Productivity 1 What is it What does it matterTotal output created by a production functionInputs labour capital land resources technological changeProductivity is a measure of how much output a country gets from its inputs technology growth triggers more outputs for the same inputs adds to the standard of livingTwo major measuresLabour Productivity measures output per worker or per unit affects real wage affected by capital or other inputs in addition to technologyTotal Factor Productivity TFP is growth not accounted for by other inputs Most useful but hard to determine Productivity mattes for profits both nationally and in the firmhigh productivity causes stockmarket boomFuture productivity growth is a key in longterm economic outlookEven 03 of the growth over 10 years can add billions to GDP government revenue2 Where Does It Come FromWe arent sureCapital stock is a key contributor to Labour Productivity but impact can vary widelyTFPs some possible contributors researchdevelopment higher or lower education infrastructure industry institutions laws regulations and property rights In future shareholders and governments will continue to keep increasing productivity Need better job training and upgrading more human resources input and constant improvement in production delivery tech
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