MGTA01H3 Chapter Notes - Chapter 2: Genuine Progress Indicator, Gross Domestic Product, Business Cycle

• School: UTSC
• Department: Management (MGT)
• Course: MGTA01H3
• Professor: Mc Conkey& Bovaird

Document Summary

Should be proactive; taking a"xn by causing change, & not merely reacting t. Must have accurate comprehension of envirnmt their company is situated here, External environment = eth outside organization"s boundaries that may have an influence on it. All businesses operate w/in this larger envirnmt, regardless of their size, loc, or mission. Is major determinant as to whether an organization will succeed or fail. Managers change when it occurs and aim to operate and compete in it. Economic environment = condition of economic sys in which organization runs. Recall: economic system = way by which nation distributes its resrouces among its civilians. 3 key goals of canada"s economic system: economic growth, economic stability, full employment. Runs in economic envirnmt w/ the following characteristics. => most ppl can eat out at this restaurant, but restaurant has to. Moderate unemployment pay higher wages to attract employees. => for supplies it offers, the restaurant pays relatively constant.