Textbook Notes (368,317)
Canada (161,798)
MGTA01H3 (583)
Chapter 2

Chapter 2

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Management (MGT)
Chris Bovaird

Chapter 2 The three key goals of Canadian economic system J economic growth, economic stability, full employment Tools to measure economic growth J aggregate output, standard of living, GDP, and productivity Threats to economic stability J unemployment, inflation Business cycle J pattern of short-term ups and downs (expansions, contractions) in an economy. The four stages are peak, recession, trough, recovery. A prolonged recession is called a depression. Aggregate output Jtotal quantity of goods and services produced by an economic system during a given period. When output grows more quickly than the population, two things usually follow: output per capita J the quantity of goods and services per person goes up and the system provides relatively more of the goods and services that people want. Standard of living J }oL]Lo]}2}}ZLZ] ZZ }L[Z ]]LZ L purchase with the currency used in their economic system GDP J total value of all goods and services produced within a given period by a national economy through domestic factors of production. GNP J gross national product, total val
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