Textbook Notes (368,460)
Canada (161,892)
BUS 201 (122)
Chapter 2

Business Chapter 2 Study Guide.docx

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Department
Business Administration
Course
BUS 201
Professor
Peter Tingling
Semester
Fall

Description
External environmentConsists of everything outside an organization that might affect itOrganizational boundarySeparates the organization from its environmentEconomic environmentConditions of the economic system in which an organization operatesAggregate outputThe total quantity of goods and services produced by an economic system during a given periodThe Business cyclePattern of short terms ups and downs in an economyoRecession Peak to troughoDepression Trough for more than two yearsGross domestic product GDPTotal value of all goods and services produced within a given period by a national economy though domestic factors of productionGross national product GNPTotal value of all goods and services produced by a national economy within a given period regardless of where the factors of production are locatedReal growth ratePreferred method of calculation national income and outputAdjusted for inflation and changed in the value of the countrys currencyGDP per CapitaGDP per personReal GDP GDP has been adjusted for currency changeNominal GDPGDP measured in current dollarsStability
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