MGTA01H3 Chapter Notes - Chapter 2: Stabilization Policy, Deflation

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mauveherring906

3 Oct 2010

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MGTA01H3 Full Course Notes

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N all businesses operate within a larger external environment. N the external environment is everything outside of the organizations boundaries that might affect it ; this determines the success or failure of the business. N economic environment is the conditions of the economic system in which an organization operates. N three key goals of canadian economic system: economic growth, economic stability, full employment. N business cycle are the ups and downs in an economy. N recession is a period when aggregate output, measured by gdp, declines. N depression is a severe long lasting recession. N aggregate output is the total quantity of goods/services produced by an economic sys. N main measure of growth in business cycle is the aggregate output. N when aggregate output grows quicker than population then output per capita (the quantity of g/s per person goes up and the system provides more of the g/s people want)

Related Questions

33) The comparison of what an economic system produces to the resources used to produce it is known as: a) productivity aggregate output GDP resource ratio

32) Which of the following best describes the term gross domestic product? a) total value of all goods and services produced within a given period by a national economy through domestic factors of production total quantity of goods and services produced by an economic system conditions of the economic system in which an organization operates total quantity and quality of goods and services that a country's citizens can purchase with the currency used in their economic system total value of all goods and services produced by a national economy within a given period regardless of where the factors of production are located

This is a graph of the business cycle.

Time is measured along the x-axis. What is measured along the y-axis?