BU111 Midterm: Elite Notetaker BU 111 3

• School: WLU
• Department: Business
• Course: BU111
• Professor: Brandon Van Dam

Document Summary

Economical: refers to the conditions of the economic system in which an organization operates, characterized by growth, employment/unemployment rates, and inflation, to name a few. Aggregate output and the standard of living: similar to economic system; the main measure of growth is aggregate output: the total quantity of goods and services produced by an economic system during a given period. Gross domestic product and gross national product: gdp: the total value of all goods and services produced within a given period by a national economy through domestic factors of production. Canadian-(cid:271)ased (cid:272)o(cid:373)pa(cid:374)y bo(cid:373)(cid:271)ardier"s output (cid:374)u(cid:373)(cid:271)ers are i(cid:374)(cid:272)luded i(cid:374) ca(cid:374)ada"s. Gnp, but not in gdp because all of its manufacturing takes place in other countries like. Conversely, the output numbers are reflective of the (cid:373)a(cid:374)ufa(cid:272)turi(cid:374)g (cid:374)atio(cid:374)"s gdp: gdp is the key measure of economic gro(cid:449)th as is tra(cid:272)ks a(cid:374) e(cid:272)o(cid:374)o(cid:373)y"s perfor(cid:373)a(cid:374)(cid:272)e o(cid:448)er time.