ADMS 1000 Chapter Notes - Chapter 1: Gross Domestic Product, Monopolistic Competition, Perfect Competition

• School: York University
• Department: Administrative Studies
• Course: ADMS 1000
• Professor: Eytan Lasry

Document Summary

Chapter 1: a context of business: a framework for study. : a group of people working towards a common goal. Organizations are 1) social entities (composed of people) 2) created to achieve common goals 3) interact with the environment. Organizations are seen as open systems: entities that are embedded in and dependent on exchanges with the environment they operate within. This view only focused on the internal environment. The environment of an organization has two dimensions: specific or task environment. Consists of stakeholders who have a direct impact on an organization. Ex. consumers, employees, competitors, suppliers, government, creditors, local public, distributors, and unions: general environment. Forces that surround and influence the specific environment. Includes: political, economic, societal, labour, competitive, global, and technological forces. Gdp is a good indicator of the health of the economy. Gross domestic product: the total value of a country"s output of goods & services in a given year.