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Macro Enviroment.docx

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ECON 1000
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DefinitionsEconomic GrowthYear over year change in Gross Domestic Product GDPReal economic growth GDP growth minus inflationInflationYear over year change in Consumer Price Index CPIMacro Environmental AnalysisOpportunitiesConditions in the environment that a firm can take advantage of to achieve its goalsThreatsConditions in the environment that endanger the integritysuccess of a firms businessHow do you measure the attractiveness of the business environment in a countryBenefitsCostsRisksBusiness Implications of Differencesin Political Economy political legal and economic factorsThe political economy of a nation refers to its political economic and legal systemsthey interact and influence each other ie they are interdependentthey affect the level of economic wellbeing in the nation Political system refers to the system of government in a nation assessed according tothe degree to which the country emphasizes collectivism as opposed to individualism the degree to which the country is democratic or totalitarian Collectivism stresses the primacy of collective goals over individual goalscan be traced to the Greek philosopher Plato 427347 BCToday collectivism is equated with socialists Karl Marx 18181883 advocate state ownership of the basic means of production distribution and exchangegoal is to manage to benefit society as a whole rather than individual capitalistsHow Does ModernDay Socialism LookthIn the early 20 century socialism split into1Communismsocialism achieved through violent revolution and totalitarian dictatorshipin retreat worldwide by mid1990s2Social democratssocialism is achieved through democratic meansretreating as many countries move toward free market economiesstateowned enterprises have been privatized in many nations Individualism refers to philosophy that an individual should have freedom in his own economic and political pursuitscan be traced to Greek philosopher Aristotle 384322 BC who argued that individual diversity and private ownership are desirable
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