RSM219H1 Chapter Notes - Chapter 2: Gross Domestic Product, Quality Management, Longrun
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RSM219H1 Full Course Notes
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Productivity is a measure of efficiency that compares how much is produced based on the resources used: using resources more efficiently would mean that bigger quantity of goods is produced, canada ranks 17th in productivity. With productivity about 75% of the u. s"s: relies on exports of natural resources, rather than enhanced finished goods, output/input. Quality is a product"s fitness for use based on offering the features that consumers want. Four factors affect quality and productivity: customers, quality, productivity, and profits. (cqpp) Labour productivity is partial productivity ratio calculated by gross domestic product/ total number of workers. Firms that compete internationally seemed to have more incentives to be more productive. Higher productivity allows: greater profits for the same price, lower prices for customers, service industries tend to be less productive than industries producing goods. During 2003 to 2004, canada"s output per hour increased 2. 9 percent: this is lower than korea"s (12. 1 percent) and united states (5. 2 percent)