Log in
HomeTextbook Notes300,000CA170,000

MGTA01H3 Chapter Notes -Economic System, Discouraged Worker, Underemployment

5 views3 pages
carrielau918
1 May 2023
School
UTSC
Department
Management
Course
MGTA01H3
Professor

For unlimited access to Textbook Notes, a Class+ subscription is required.

cerisesardine730 and 40181 others unlocked
MGTA01H3 Full Course Notes
14
MGTA01H3 Full Course Notes
Verified Note
14 documents

Document Summary

***chapter 6: understanding and measuring the business environment (p. 114-143) Economic system: produce the things that a country"s people need and want. Gdp = total value of all goods and services produced within a country. Many workers, using many factors, producing many things of value. It tells us the size of its economy; the total value of a country"s output. Limitation of gdp - what it does not tell us. Can"t tell a country"s output is growing or declining. Can"t tell all of the resources in a country (ex. workers) The % change, form one period the next, in the total value of al the good and services produced by an economic system. More business hire more people; produce more good and services for others. More is available to be bought and sold. It suggests that canada"s businesses aren"t busy producing the goods and services that people want.

Get access

Grade+
$40 USD/m
Billed monthly
Grade+
Homework Help
Study Guides
Textbook Solutions
Class Notes
Textbook Notes
Booster Class
10 Verified Answers
Class+
$30 USD/m
Billed monthly
Class+
Homework Help
Study Guides
Textbook Solutions
Class Notes
Textbook Notes
Booster Class
7 Verified Answers

Related Documents

MGTA01H3
Final Exam
Study Guide
MGTA01H3 Study Guide - Final Guide: Gross Domestic Product, Business Cycle, Underemployment
indigoyak978
MGTA01H3 Chapter 5: MGTA01 - Chapter 5
bluecricket928
MGTA01H3 Lecture 1: Week 5
crimsondolphin727

Related Questions

32) Which of the following best describes the term gross domestic product? a) total value of all goods and services produced within a given period by a national economy through domestic factors of production total quantity of goods and services produced by an economic system conditions of the economic system in which an organization operates total quantity and quality of goods and services that a country's citizens can purchase with the currency used in their economic system total value of all goods and services produced by a national economy within a given period regardless of where the factors of production are located

36) Which of the following best describes the term standard of living? a) total quantity and quality of goods and services that a country's citizens can purchase with the currency used in their economic system total quantity of goods and services produced by an economic system the overall quality of life produced by an economic system total value of all goods and services produced by a national economy within a given period, regardless of where the factors of production are located

11) Which of the following best describes the term standard of living? total quantity and quality of goods and services that a country's citizens can purchase with the currency used in their economic system total quantity of goods and services produced by an economic system the overall quality of life produced by an economic system total value of all goods and services produced by a national economy within a given period, regardless of where the factors of production are located