MGTA01H3 Chapter Notes - Chapter 2: Genuine Progress Indicator, Gross Domestic Product, Business Cycle

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20 Dec 2012
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MGTA01H3 Full Course Notes
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MGTA01H3 Full Course Notes
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1 | explain the importance of the economic environment to business and identify the factors used to evaluate the performance of an economic system. So everyone will be better off. external environment. Everything outside an organization"s boundaries that might affect it. economic environment. Conditions of the economic system in which an organization operates. Pattern of short-term ups and downs (expansions and contractions) in an economy. the business cycle has four phases: peak, recession, trough, and recovery recession. Period during which aggregate output, as measured by real gdp, declines. depression. Particularly severe and long-lasting recession. periods of expansion and contraction can vary from several months to several years. Aggregate output and the standard of living aggregate output. Total quantity and quality of goods and services that a country"s citizens can purchase with the currency used in their economic system. The larger the gdp: more workers, using more resources, are producing more things of value.

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