A034+Understanding+the+Environment+of+Business

A034+Understanding+the+Environment+of+Business -...

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Understanding the Environment of Business The Business in its Economic Context and  its Economic Performance
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Business Environments Business is an economic organization  that engages in exchanges Each business is therefore separate from  other businesses, and other  organizations This means every business exists in a  wider environment
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Business Environments A business has an “inside,” a “boundary”  and an “outside” The “outside” is the environment Everything that is NOT the business But that affects the business Businesses have multiple “outsides” and  multiple environments
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Business Environments Typical environments Economic environment Technological environment Social environment Political environment Legal environment
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Business Environment Each environment is an “outside” that  affects the business “inside” as the  business interacts over its boundary We will look at the economic  environment today Text has some other comments on the  other environments
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Economic Environment In Canada What are the goals of the Canadian  economic system How do we measure performance of the  economy What are the threats to achieving the goals
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Economic Environment Goals of the Canadian Economic System Growth Stability Full employment
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Economic Growth Growth means  producing more of the things people want So they will purchase more of them To create profits for the suppliers And a better standard of living for customers
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Economic Growth In order to grow The economy must produce more It must be efficient So that products can be sold at a price that  attracts consumers and makes a profit for  suppliers Growth means Producing more Being more efficient
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Economic Growth To measure growth, we start with aggregate  output Total quantity of goods and services produced by an  economy in a given period of time We can also calculate output per capita The aggregate output divided by the population Output per capita is the output for each person in an  economy It measures how much, on average, each person is  producing
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This note was uploaded on 08/14/2011 for the course MGT a03 taught by Professor Bovaird during the Spring '11 term at University of Toronto- Toronto.

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A034+Understanding+the+Environment+of+Business -...

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