MGTA01H3 Chapter 2: Chapter 2

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24 Feb 2011

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MGTA01H3 Full Course Notes

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Purpose of an economic system is to assemble/organize resources; make things people want; and to create profits for businesses. Gross domestic product (gdp) is the value of all goods and services produced in a country in one year. The larger the gdp the more workers using more resources and producing more things . Gross national product (gnp) is the value of all goods and services produced by a firm in that country (ex. Canadian businesses manufacturing in china) in a country no matter the location of the production. Countries with the largest gdp respectfully; the united states of america, china, japan, A recession occurs when a country"s gdp falls for two consecutive terms. Some countries are richer than others because they possess more and relatively cheaper natural resources; they have more money and better technology; they have better trained and educated workers. Productivity gives countries the ability to make things quickly and efficiently.

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32) Which of the following best describes the term gross domestic product? a) total value of all goods and services produced within a given period by a national economy through domestic factors of production total quantity of goods and services produced by an economic system conditions of the economic system in which an organization operates total quantity and quality of goods and services that a country's citizens can purchase with the currency used in their economic system total value of all goods and services produced by a national economy within a given period regardless of where the factors of production are located

36) Which of the following best describes the term standard of living? a) total quantity and quality of goods and services that a country's citizens can purchase with the currency used in their economic system total quantity of goods and services produced by an economic system the overall quality of life produced by an economic system total value of all goods and services produced by a national economy within a given period, regardless of where the factors of production are located

11) Which of the following best describes the term standard of living? total quantity and quality of goods and services that a country's citizens can purchase with the currency used in their economic system total quantity of goods and services produced by an economic system the overall quality of life produced by an economic system total value of all goods and services produced by a national economy within a given period, regardless of where the factors of production are located

MGTA01H3 Chapter 2: Chapter 2

MGTA01H3 Full Course Notes

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