ANTA02H3 Chapter Notes - Chapter 2: Rescission, Business Cycle, Walmart
Document Summary
Economic environment conditions of the economic system in which an organization operates. (basically the characteristics of this business) Example: mcdonalds is characterized by modern growth, moderate unemployment, and low inflation. External environment everything outside the organization"s boundaries that might affect it. Business cycle pattern of short-term ups and downs in an economy, to measure economic. Performance, it"s mostly measures the gross domestic product (gdp) Business cycle consists of peak (highest), trough (positive turnaround), recession (down), and recovery (up after depression or trough) Recession is when the gdp falls 2 consecutive quarters. Aggregate output total quantity of goods and services produced over a certain period of time. Standard of living the total quantity and quality of goods available for purchase. Gdp: value of all goods and services produced in a country in one year (domestic or foreigners) Gnp: value of all goods and services produced by citizens of a country, on its land or on foreign land.
