Textbook Notes (363,144)
Canada (158,220)
MGTA01H3 (583)
Chapter 2

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University of Toronto Scarborough
Management (MGT)
Chris Bovaird

Chapter 2Understanding the Environments of Business External environmenteverything outside an organizations boundaries that might affect it Economic environmentconditions of the economic system in which an organization operates 3 key goals of Canadian economic system are 1 Economic growthAgricultural output has grown bc weve increased total output in this sectorBusiness cycle pattern of shortterm ups and downs expansions and contractions in an economyRecession period during which aggregate output as measured by real GDP declinesDepression particularly severe and longlasting recessionAggregate output main measure of growth in the business cycle total quantity of goods and services produced by an economic system during a given period o Increase in AOincrease economic growth o If AO grows faster than population then 2 things happen Output per capitaquantity of goods and services per personSystem provides relatively more of the goods and services ppl wantResulting in higher standard of living total quantity and quality of goods and services that a countrys citizens can purchase with the currency used in their economic systemGross Domestic Product GDP total value of all goods and services produced within a given period by a national economy through domestic factors of production eg profits earned by foreign firms in Canada included
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