MGTA01H3 Chapter 2: BUSINESS CUSTOM 2/E VOL. 1 Chapter 2 Readings (very detailed and helpful)

• School: UTSC
• Department: Management (MGT)
• Course: MGTA01H3
• Professor: Chris Bovaird

Document Summary

The economic environment: external environment: everything outside an organization"s boundaries that might affect it, economic environment: conditions of the economic system in which an organization operates. Economic growth: business cycle: pattern of short-term ups and downs (expansions and contractions) in an economy, has four phases: peal, recession, trough, recovery, periods of expansion and contraction can vary from several months to several years. recession: period during which aggregate output, as measured by real gdp, declines. note: growth depends on output increasing at a faster rate than population if growth rate of gdp exceeds rate of pop. growth, then standard of living rises: gdp per capita: means gdp per person. formula: divide total gdp by total pop. of a country. gdp per capita is better than gdp when it comes down to looking at an average person in a country www. notesolution. com: real gdp: gdp calculated to account for changes in currency values and price changes (ex.