Canada, World Trade, Productivity, and Quality of Life

Flashcards covering key definitions, formulas, dimensions, and trends related to Canada and world trade, GDP, the Human Development Index (HDI), quality of life rankings, productivity, and changing workplace dynamics.

Gross Domestic Product (GDP)

The total monetary value of all finished goods and services produced within a country in a specific period of time

How is GDP used as a snapshot

used as a snapshot to estimate the size and growth of an economy.

GDP Formula

($C + I + G + NX$ )

Consumer Spending + Investment + Government Spending + Net Exports

Competitive Advantage

A good or service that a certain company or country excels at making, allowing them to stand out relative to competitors.

Canada's Competitive Advantages

maple syrup, lumber, fishing, tourism, banking, natural resources, agriculture, proximity to other markets, land mass, high education, automotive manufacturing, and biodiversity.

Human Development Index (HDI)

A summary measure emphasizing that people and their capabilities should be the ultimate benchmark of a country's development, rather than economic growth alone.

HDI Dimensions and Indicators

Long and healthy life, knowledge, standard of living

Long and healthy life indicators and index

Life expectancy at birth,

life expectancy index

Knowledge indicators and index

Expected/mean years of schooling

education index

Decent standard of living indicators and index

GNI per capital

GNI index

Expatriates

People who relocate to another city to live and work.

Mercer Human Resource Consultants Quality of Life Ranking

A ranking of cities on quality of life for expatriates across 10 categories

What is the top weighting of experitates in Mercers quality of life index.

Political & Social Environment $23.5\%$

What city has the highest quality of life

Zurich, Switzerland

Productivity

The amount of output created given the amount of input available.

Inputs (Productivity)

The resources utilized to produce output, consisting of capital, raw materials, labour, and innovation.

GDP per Capita

A measure of productivity calculated as $\frac{\text{GDP of Country}}{\text{Population of Country}}$, where a high value indicates a high standard of living.

Global Factors Affecting Productivity

fewer trade barriers, currency fluctuations, commodity prices, and political stability.

Canada's Changing Workplace Trends

increased focus on innovation,

a trend toward contract work,

evolving work-life balance expectations,

greater adoption of telecommuting,

ongoing transition from manufacturing to skill-based jobs.

high GNI = high standard of living

True

Canadas GDP grew 1% over 10 years

True

What should we know about inequalities (5)

1. Live long and healthy life with decent education and decent quality of life

2. Inequality is changing

3. Inequality starts before birth and can grow

4. Need new ways to understand inequalities

5. We must act now to prevent inequalities