MGTA01H3 Chapter Notes - Chapter 7: Workforce Productivity, Quality Management, Planned Obsolescence

• School: UTSC
• Department: Management
• Course: MGTA01H3
• Professor: Chris Bovaird

Document Summary

Productivity: a ratio which measures how much gets achieved relative to the inputs that are used to achieve it. A ratio which measures how much gets achieved relative to the inputs that are used to achieve it. Economic productivity: a measure of productivity that uses dollar value as the measure of output. Economic productivity influenced by access to factors of production. Prosperity is not the result of working long hours. Labour productivity: a measure of the productivity of a country"s labour force which divides gdp by the total number of hours worked. = quantity or value of goods or services produced. Quantity or value of resources used to produce it. Physical productivity: a measure of productivity that uses a numerical quantity as the measure of output. Used when two competing businesses make the same or very similar goods. Productivity makes costs lower, prices lower, and profit higher.