MGTA05H3 Chapter 6: Detailed Notes from the text
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MGTA05H3 Full Course Notes
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Economic systems: produce the things people need and want. To judge the effectiveness of an economic system we look at: Is the country"s economic system producing large amounts of goods and services: the quantity of products available to the popn, quantity available per person, number of people employed, how equally are goods and services distributed. Gdp: total value of all the goods and services produced within a country. Canada is 10th, with 2. 4% of world total gdp. Gdp is expressed in us dollars as they have the biggest economy. The u. s produces 22% of goods and services. Ontario has the largest economy, most valuable goods and services produced in. Gdp only tells us about the size of the economy. What does gdp not tell us: how much quantity of products are available to the population, employment rate, goods and services are distributed equally.
