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MGTA01H3 (583)

MGTA03 Ch 2

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Management (MGT)
Chris Bovaird

MGTA03 Ch 2External envt everything outside an organizations boundaries that might affect itEconomic envt condt of the economic system in which an organization operatesEconomic GrowthBusiness cycle pattern of shortterm ups and downs expansions and contractions in an economy Recession period during which aggregate output as measured by real GDP declines Depression particularly severe and longlasting recessionAggregate output total quantity of goods and services produced by an economic system during a given period a measure of economic growthWhen aggregate output grows quicker than popn output per capita happens where the quantity of goods and services person goes up and the system provides relatively more of the good and services that ppl want Standard of living total quantity and quality of goods and services that a countrys citizens can purchase w the currency used in their economic system Gross domestic product GDP total value of all goods and services produced within a given period by a national economy through domestic factors of production Gross national product GNP total value of all goods and services produced by a national economy within a given period regardless of where the factors of production are locatedEg Consider a Cdnowned manufacturing plant in Brazil the profits earned by the factory are included in Cdn GNPbut not in GDPbc its output is not produced domestically that is in Canada But the profits are included in Brazils GDPbut not GNPbc they are produced domestically that is in Brazil GDP per capita means GDP per person GDPtotal popn of country US has the highest GDP Nominal GDP GDP measured in current dollars or w all components valuedcurrent prices It isnt
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