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• Production and
• GDP is the market value of all
goods and services produced in a
nation’s economy during a given
• It is made up of consumer,
investment, and government
• Does indicate the size of a
nation’s economy, but does not
measure the well-being of a
• It cannot measure accurately
changes in production from year
to year.
• A rise in prices, meaning, it costs
more money to buy the same goods.
• Between 1960 and 1998, GDP rose
• However, there were not 16x more
goods produced during that time
• Productivity is the output of goods and
services as measured per unit of input—
time, workers, capital resources, etc.
• Labor Productivity is the amount the
work force can produce in a given time.
• When productivity rises, people produce
more with the same resources.
• New management ideas have
been implemented over the last
100 years to improve productivity:
• Some of these ideas include
customer satisfaction, high-quality
workmanship, employee
involvement, and shared vision.
• The free enterprise system has
given business owners incentive
to risk more money on capital
• The value of equipment per
worker has risen 148% over the
last 40 years!