study guide for 2nd chapter

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Department
Rotman Commerce
Course
RSM100Y1
Professor
Michael Szlachta
Semester
Fall

Description
Understanding the Environment of Business1Organizational Boundaries and EnvironmentExternal environment Everything outside an organizations boundaries but might affect it1Organizational Boundaries That which separates the organization from its environment2Multiple Organizational Environments Figure 21Economic Environment Technological environment sociocultural Environment Business Environment Emerging Challenges and Opportunities Global Environment Political Environment2The Economic EnvironmentConditions of economic system in which an organization operates1Economic Growth1Business Cycle patterns of short term ups and downsexpansionand contraction2Aggregateoutput Total quantity of goods and services produced by an economic system during a given periodStandard of living Total quantity and quality of goods and services that a countrys citizens can purchase with the currency used in their economic system3GDP Government Expendit
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