MGTA02H3 Chapter 2: chapter two book/ class notes
20 May 2011
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MGTA02H3 Full Course Notes
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Productivity: a measure of efficiency that compares how much is produced with the resources used to produce it. Quality: a product"s fitness for use in terms of offering the features that consumers want. Labour productivity: partial productivity ratio calculated by dividing gross domestic product by total number of workers. Domestic productivity: a country that improves its ability to make something out of its existing resources can increase the wealth of all its inhabitants. Conversely a decline in productivity shrinks a nation"s total health. When that happens, an increase in one person"s wealth comes only at the expense of others with whom he or she shares an economic system. Manufacturing versus service productivity: manufacturing productivity is higher than service productivity. Industry productivity: in addition to differences between the manufacturing and service sectors, industries within these sectors differ vastly in terms of productivity.
