MGTA02H3 Chapter Notes - Chapter 7: More With Less, Gross Domestic Product, Planned Obsolescence
greenox729 and 39071 others unlocked
MGTA02H3 Full Course Notes
Doing more with less: productivity: a ratio which measures how much gets achieved relative to the inputs that are used to achieve it, another word for productivity is efficiency, efficiency: a synonym for productivity. A ratio which measures how much gets achieved relative to the inputs that are used to achieve it: all resources are scarce. The amount of time, money and other inputs to create and deliver a product to a customer is finite. It is in every business" interest to maximize its productivity or efficiency. Ratio of "bits per second" or "bps" Speed at which data travels: one important measure of productivity. Gdp per capita is the most widely used measure of a country"s wealth relative to that of other countries. Economic productivity: economic productivity: a measure of productivity that uses dollar value as the measure of output measure of output, eg.