Chapter 2.docx

2 Pages
99 Views
Unlock Document

Department
Economics for Management Studies
Course
MGEB06H3
Professor
Ted Petit
Semester
Winter

Description
Chapter 2(Increasing Productivity & Quality) Productivity: measure of economic performance. It measure to how much is produced relative to the resources used to produce it. (Considers both the amounts and the quality of what is produced) Quality: fitness for use –offering features that consumers want. Four factors interact in the process: Customers, quality, productivity, profits. To measure country productivity: labour productivity of a country = Gross Domestic Product --------------------------------- Total number of Workers - Labour Productivity : partial productivity ratio calculated by dividing gross domestic product by total number of workers - Difference in productivity between nations: technologies human resources economic policies natural resources traditions - If productivity drops, wages can be increased only by reducing profits or by increasing prices. (If you lose something, you must take others resources to make your own stable). Total Quality Management (TQM): A concept that emphasizes that no defects are tolerable & that all employees are responsible for maintaining quality standards Performance Quality: the features of a product & how well it performs Quality Reliability: the consistency of quality of the performance if managers succeed in developing employees (training) empl
More Less

Related notes for MGEB06H3

Log In


OR

Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


OR

By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.


Submit