PHLA10H3 Chapter 2: Chapter 2 Notes
Document Summary
External environment everything outside an organizations boundaries that might affect it. Economic environment - conditions of the economic system in which an organization operates. Business has an inside (us) a boundary and an outside (them) Typical environments: economic environment, technological environment, social environment (diff customs, political environment, legal environment. Three key goals of the canadian economy: economic growth produce more of wants, ppl spend more, profits-> better sofl, economic stability. Measure economic growth aggregate output standard of living gross domestic product productivity. Business cycle pattern of short-term ups and downs (expansions and contractions) in an economy. Recession- period during which aggregate out-put, as measured by real gdp, declines www. notesolution. com. main measure of growth in the business cycle is aggregate output. Aggregate output total quantity of goods and services produced by an economic system during a given period **when output rises stof living rises.
