Textbook Notes (367,844)
Canada (161,454)
MGTA01H3 (583)
Chapter 2

Chapter 2 notes, I don't remembber exactly what the lecture date was but around there.

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Department
Management (MGT)
Course
MGTA01H3
Professor
Chris Bovaird
Semester
Fall

Description
MANAGEMENT NOTES- Chapter 2 External Environment: Everything outside an organizations boundaries that might affect it. - Managers should have accurate understands of environment and try to inuence it Economic Environment: Conditions of the economic system in which an organization operates Three Key Goals of the Canadian Economic system: Economic growth, economic stability, and full employment. ECONOMIC GROWTH Economic Growth is Measured by : Aggregate output, standard of living, growth domestic product, and productivity. Business Cycle: Patters of short-term ups and downs ( expansions and contractions) in an economy. -Four recognizable phases: peak, recession, trough, and recovery. -A recession is a period during which aggregate output declines. (measured by real GDP, declines) -Prolonged period of Recession leads to depression -In later half of 1990s, Canadian economy continuously expanded, leading people to believe that business cycle was a think of past. They learned their lesson hard when stocks crashed in 2000. Aggregate Output: -Main measure of growth in business cycle, the total quantity of goods and services produced by an economic system during a given period. -An increase in aggregate output is growth. When output grows more quickly than population: -Output per capita- Quantity of goodsservices per person goes up system provides relatively more of the goods and services people want. -Results in higher standard of living Standard of living: Total quantity and quality of goods and services that they can purchase with the currency used in 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. -When GDP increases, nation is experiencing economic growth. 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 located. -Prots earned by Canadian company abroad are included in GNP, but not GDP. -Prots earned by foreign rms in Canada are included in GDP because wages paid to workers is Canadian. www.notesolution.com
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