Textbook Notes (363,452)
Canada (158,372)
MGTA02H3 (361)
Chapter 2

Chapter 2 summary notes

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University of Toronto Scarborough
Management (MGT)
Chris Bovaird

MGTA04 Chapter 2 THE PRODUCTIVITY - QUALITY CONNECTION - productivity: a measure of efciency that compares how much is produced with the resources used to produce it - by using resources more efciently, the quantity of output will be greater - quality: a products tness for use in terms of offering the features that consumers want Responding to the Productivity Challenge - when 1 country is more productive to another -> more wealth - as quality ^, more rms will receive $$ for them - measuring productivity: - labour productivity of a country = gross domestic product total number of workers - productivity among global competitors: different countries have different outputhour, it differs due to differences in technologies, human skills, economic policies, natural resources...etc - domestic productivity: when a country improves its ability to be productive, wealth increases. If theres a decline in productivity, wealth decreases, so the increase of one persons wealth comes only at the expense of others whom he or she shares an economic system. - manufacturing productivity is higher than service productivity - agriculture is more productive in Canada bc we use more sophisticated technology and superior natural resources - high productivity gives a company a competitive edge (bc costs are lower, offer products @ lower price, gain more prot, pay workers more wout raising price
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