Economy Is Defined As The Process Of An Organization

According to Sir James Steuart, the first English economist, economy can be defined as the process of providing all the wants and needs of a family in order to find the way in continuity of people. He also stated that the economy help to avoid any unstable condition and to connect all the relevant variables in the economic effectively. (Mohsen, Abdulla, Jalal, 2011) According to (Trading Economics , 2016), government budget had reduced from deficit -4.1 per cent of GDP in 2011 to deficit -2.13 per cent of GDP in 2012 .It shows US economy is in a good condition since governments manage to implement programs for the country and at the same time try to increase the GDP to reduce the budget deficit. According to (DiPietro Anoruo, 2006), Gross Domestic Products a measurement of the finished goods and services produced within a country in certain period. GDP also measured on an annual basis or per year. The Gross Domestic Product (GDP) includes the government expenditure, consumer expenditure, net export and investment within a country According to (Hobijn Steindel, 2009), GDP can be known as major measurement for economy activity because its short run and long run movement are correlated with a few factors. The examples of factors that influence the level of GDP are inflation rate and income. (Landefeld, Seskin, Fraumeni, 2008), elects same position with Hobijn and Steindel. Gross Domestic Product can be as a benchmark for a country growth level. In order to measureShow MoreRelatedGlobalization Is An Increasingly Present Phenomenon, Which1007 Words   |  5 Pagescultural as well. Globalization can be defined, analysed, tackled many ways, but this essay seeks to briefly define globalization, introduce the convergence - diversity debate, and examine the different types of organizational strategic perspectives in China. 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