BUS 201 Chapter Notes - Chapter 2: Business Cycle
4 Jan 2013
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Document Summary
Bus 201 study guide - chapter 2: the environment of business. External environment everything outside an organization"s boundaries that might affect it. Organizational boundary what separates the organization from the 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 totally quantity and quality of goods and services that a country"s citizens can purchase with the currency used in their system. Business cycle the pattern of short-term ups and downs in an economy (expansions and contractions)
