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Chapter 2

MGTA03 – Chapter 2

2 Pages
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Department
Management (MGT)
Course Code
MGTA01H3
Professor
Chris Bovaird

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2009/09/28
MGTA03 – Chapter 2: Understanding the Environment of Business
Prof. Bovaird
*define and explain all terms for chapters 1 and 2*
The pur pose of an economic system:
To assemble/organize resources
To make things that people want
Encouraging people to buy what they want
Creating profits for suppliers
So that everyone will be better off
Gross Domestic Product (GDP)
Gross = large, crude
Domestic” = at home, local, here
Product = something made
Gross Domestic Product =a large number for med from a crude measure of all the things made here at home
Gross Domestic Product (GDP): The dollar value of all the goods and services produced in a country in one
year
GDP only asks: Did we make a lot in the last year?” and “What is the dollar value of what was produced?
GDP does not ask: Is what we made harmful or bad?
The larger the GDP...
The more workers there are
The more resources being used
The more things of value being produced
GDP Growth: more people producing more (economic expansion)
Falli ng GDP: fewer people buying less (economic recession)
Canada (and other large countries) has a long-term GD growth of about 2%-3%/year
China and India have had a recent growth of 8%-10%/year
GDP per capita
GDP per capita is a crude measure of the distribution of a countrys GDP, it means GDP per person
It is found by dividing a countrys Gross Domestic Product by the countrys total population
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20090928 MGTA03 Chapter 2: Understanding the Environment of Business Prof. Bovaird *define and explain all terms for chapters 1 and 2* The purpose of an economic system: To assembleorganize resources To make things that people want Encouraging people to buy what they want Creating profits for suppliers So that everyone will be better off Gross Domestic Product (GDP) Gross = large, crude Domestic = at home, local, here Product = something made Gross Domestic Product =a large number formed from a crude measure of all the things made here at home Gross Domestic Product (GDP): The dollar value of all the goods and services produced in a country in one year GDP on
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