BUSN 5620 Unit 7 Personal Assignment

BUSN 5620 Unit 7 Personal Assignment - Lakisah Mikell BUSN...

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Lakisah Mikell BUSN 5620 Unit 7 Personal Assignment Problem #1 In what specific ways (if any) does a college education increase a worker’s productivity? Take some special care with this problem . A college education can increase a worker’s productivity because they will enter the workforce with more knowledge. Also, as the economy and technology changes, workers will continue to acquire new skills through college and company training programs. With the increase in knowledge learned and skills acquired, productivity levels rise because they’re able to steadily and continuously meet the demands of their jobs. The more knowledge is gained and new skills increase, the more productivity levels will rise. Problem #2 In what ways is Per Capita GDP a better measure of economic well being than GDP? How does this relate to economic problems in the undeveloped world? GDP is the total value of goods and services produced within a nation’s borders in a given time period. GDP Per Capita is the total output divided by the total population. GDP Per Capita is a better measure of economic well being because it indicates how much output that’s available to the average person. If a country has a rising GDP Per Capita, it means that the goods and services of output are exceeding the population and there’s more available to consume. It also means that as times are changing, the economy is growing and the quality of goods and services
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This note was uploaded on 05/12/2010 for the course BUSN 5620 taught by Professor N/a during the Fall '09 term at Webster.

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BUSN 5620 Unit 7 Personal Assignment - Lakisah Mikell BUSN...

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