MGTA01H3 Chapter Notes - Chapter 2: Stabilization Policy, Deflation

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MGTA01H3 Full Course Notes
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MGTA01H3 Full Course Notes
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N all businesses operate within a larger external environment. N the external environment is everything outside of the organizations boundaries that might affect it ; this determines the success or failure of the business. N economic environment is the conditions of the economic system in which an organization operates. N three key goals of canadian economic system: economic growth, economic stability, full employment. N business cycle are the ups and downs in an economy. N recession is a period when aggregate output, measured by gdp, declines. N depression is a severe long lasting recession. N aggregate output is the total quantity of goods/services produced by an economic sys. N main measure of growth in business cycle is the aggregate output. N when aggregate output grows quicker than population then output per capita (the quantity of g/s per person goes up and the system provides more of the g/s people want)

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