Examlex
Describe the dimensions of the patterns and events occurring in the environment that influence organizations.
Contraction
A phase of the business cycle where there is a decline in national output and economic activity.
Standard Of Living
The degree of wealth and material comfort available to a person or community, measured through income, employment, class disparity, poverty rate, and housing affordability.
Real GDP
The total value of all goods and services produced within a country, adjusted for inflation, reflecting the real quantity of goods and services.
Real GDP Per Capita
Real GDP divided by the population; the best measure of an economy’s standard of living.
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