MGTA02H3 Chapter Notes - Chapter 7: Soil Fertility, Smart-1, University Of Toronto Scarborough

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School
Department
Course
Professor
University Of Toronto Scarborough (UTSC) Date: February 26, 2018
Course: MGTA02 (Winter)
Professor: Chris Bovaird
Shahriyar Safavi
Week 7 – Productivity: Doing More With Less
Terminology
1. Productivity: A ratio which measures how much gets achieved relative to the inputs that
are used to achieve it.
2. Efficiency: A synonym for productivity: A ratio which measures how much gets achieved
relative to the inputs that are used to achieve it.
3. Economic productivity: A measure of productivity that uses dollar value as the measure
of output.
4. Labour productivity: A measure of the productivity of a country’s labour force which
divides GDP by the total number of hours worked.
5. Physical productivity: A measure of productivity that uses a numerical quantity as the
measure of output.
6. Experience Curve/Learning Curve: The phenomenon that the more often that a person
performs a task the more adept they become at doing it.
7. Quality: Meeting or surpassing the customer’s expectations.
8. Planned obsolescence: A deliberate policy of making a product with an artificially
limited useful life, so it will soon become obsolete.
9. Total Quality Management: Involving everyone in the business to ensure that products
meet or surpass customer expectations, and that no defects are tolerable.
10. Gini Coefficient: The ratio of the area between the line of perfect equality and the
observed Lorenz curve to the area between the line of perfect equality and the line of
perfect inequality. The higher the coefficient, the more unequal the distribution is.
11. The Organisation for Economic Co-operation and Development(OECD): An
intergovernmental economic organisation with 35 member countries, founded in 1961
to stimulate economic progress and world trade.
Equations
Business Productivity =
National Productivity =
Labour Productivity =
GDP and Social Well-being
GDP only measures the Material Well-being
GDP only reports total and average productivity but not the distribution of wealth
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MGTA02H3 Full Course Notes
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Document Summary

University of toronto scarborough (utsc) date: february 26, 2018. Week 7 productivity: doing more with less. The higher the coefficient, the more unequal the distribution is: the organisation for economic co-operation and development(oecd): An intergovernmental economic organisation with 35 member countries, founded in 1961 to stimulate economic progress and world trade. Gdp only reports total and average productivity but not the distribution of wealth. Gdp ignores social and political factors such as human rights; democratic rights; treatment of less-privileged etc. Canada has highest post-secondary education participation among oecd countries: capital. Working long hours is not key to prosperity. Average canadian worked 1708 hours in 2014, roughly the oecd average. Canadians work 25% fewer hours than much poorer mexicans (2236) Canadians work 20% more hours than much wealthier norwegians (1403) If there was, it would look like this: have a clear and credible strategy, invest in good technology, improve the management of the business, create motivated employees.

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