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A recessionary gap exists when the equilibrium level of GDP exceeds potential GDP.
Globalization
The process by which businesses or organizations develop international influence or start operating on an international scale, leading to a more interconnected and interdependent world.
External Environment
The outside forces and factors that affect an organization's performance and strategies, including economic, technological, sociocultural, and political/legal elements.
Scanning
The act of systematically exploring various environments and sources for information, often to identify trends, opportunities, and threats.
Competitive Intelligence
A formal approach to obtain information about competitors.
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