BU111 Lecture Notes - Lecture 2: Gross Domestic Product, Money Supply
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BU111 Full Course Notes
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Document Summary
External environment-everything outside an organization"s boundaries that might affect it. Organizational boundary-that which separates its organization from its environment. Economic environment-conditions of the economic system in which an organization operates. Aggregate output-total quantity of goods and services produced by an economic system during a given period. Standard of living-total quantity and quality of goods and services that a country"s citizens can purchase with the currency used in their economic system. Business cycle-pattern of short term ups and downs(expansions and contractions) in an economy. Gross domestic product (gdp)-total value of all goods and services produced within a given period by a national economy through domestic factors of production. Gross national product (gnp)-total value of all goods and services produced by a national economy within a given period regardless of where the factors of production are located. Real gdp-gdp calculated to account for changes in currency values and price changes.
