Textbook Notes (367,876)
Canada (161,461)
MGTA01H3 (583)
Chapter 2

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Management (MGT)
Chris Bovaird

Chapter 2 GNP – Gross National Product: Total value of all goods and services produced by a national economy within a given period (usually 1yr) regardless of where the factors of production are located. (EX. Canadian store, produced in China: is counted in GNP) GDP-Gross Domestic Product Real Growth Rate: the growth rate of GDP adjusted for inflation and changes in the value of the country’s currency. GDP per capita: GDP per person. Real GDP: The GDP after adjustments. Purchasing Power Parity: Principle that exchange rates are set so that prices of similar products in different countries are about the same. Productivity Is the measure of economic growth that compares how much a system produces with the resources needed to produce it. Balance of Trade: is the economic value of all the products that a country exports minus the econom
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