MGTA02H3 Chapter Notes - Chapter 7: Total Quality Management, Marketing Mix, Gross Domestic Product
Chapter 7 – Notes
Productivity – Doing More with Less
Productivity: A ratio which measure how much gets achieved related to the input that are used to
achieve it (aka efficiency)
Efficiency: A synonym for productivity. A ratio that measures how much is achieved relative to the
inputs that are used to achieve it.
Measuring Productivity
Bits per second = bps = speed at which electronic data travels
Productivity is also measured in sports
GDP (Gross Domestic Product): Most widely used measure of a country’s wealth relative to that
of other countries
Economic Productivity: A measure of productivity what uses dollar value as a measure of output
oEvery country differs in terms of climate, geography, access to capital, etc.
oCommon yardstick is to use dollars
GDP per capita is a simple measure of economic productivity that is calculated by:
Economic productivity is influenced by access to factors of production
oCanada’s prosperity is due to the fact that we have plentiful supplies of all the factors of
production (labour, natural resources, capital, entrepreneurship)
oWe have the 3rd largest supply of fresh water on Earth
Prosperity is Not the Result of Working Long Hours
Organization of Economic Cooperation and Development (OECD):
oA multi-national think-tank and research organization that collects and distributes
research and data on wealth creation and economic development and productivity of its
members
oHours of work decreases as GDP per capita increases
oLong hours =/= prosperity
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Document Summary
Productivity: a ratio which measure how much gets achieved related to the input that are used to achieve it (aka efficiency) A ratio that measures how much is achieved relative to the inputs that are used to achieve it. Bits per second = bps = speed at which electronic data travels. Gdp (gross domestic product): most widely used measure of a country"s wealth relative to that of other countries. Economic productivity: a measure of productivity what uses dollar value as a measure of output: every country differs in terms of climate, geography, access to capital, etc, common yardstick is to use dollars. Gdp per capita is a simple measure of economic productivity that is calculated by: Prosperity is not the result of working long hours. Labour productivity: a measure of productivity of a country"s labour worse which divides gdp per capital by the total number of hours worked () Canadian workers are mediocre performers compared to other oecd countries.
