MGTA01H3 Chapter 2: Chapter 2
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MGTA01H3 Full Course Notes
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=> external environment: everything outside an organization that might affect it. => economic environment: conditions of the economic organization in which the organization operates. => business cycle: pattern of short term ups and downs (expansions and contractions) in an economy. => recession: period during which aggregate output, measured by real gdp, declines. => aggregate output: total quantity of goods and services produced by an economic system during a given period. => standard of living: total quantity and quality of goods and services that a country s citizens can purchase with the currency in their economic system. => purchasing power parity (ppp): is the principle that exchange rates are set so that the prices of similar products in different countries are about the same. => productivity: measure of economic growth that compares how much a system produces with the resources needed to produce it. => national debt: the total amount of money that the government owes its creditors.
