MGTA02H3 Chapter Notes - Chapter 12: Gross Domestic Product, Canfor, Maytag
1
MGTA02H3 Full Course Notes
Verified Note
1 document
Document Summary
The productivity-quality connection productivity: a measure of efficiency that compares how much is produced with the resources used to produce it. The more we are able to produce the right things while using fewer resources, the more productivity grows and everyone benefits (businesses, workers, economy) Quality: a products"s fitness for sue in terms of offering the features that customers want. When one country is more productive that another, it will accumulate more wealth (productivity going down standard of living going down) Quality is defined in terms of value to a customer, so companies should have more customer-oriented focus. Quality improvement involves customers, quality, productivity and profits. Labour productivity: partial productivity ratio calculated by dividing gross domestic product by total number of workers < measure productivity. Divides output by the labour aspect of resources, instead of capital or energy because records of employment and hours worked are accurate and easy to access (canada"s productivity fell 0. 4% from 2002 to 2003)
