MGM101H5 Lecture Notes - Lecture 1: Demand Curve, Berlin Wall, Outsourcing
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MGM101H5 Full Course Notes
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Document Summary
Canada possesses one of the most fully developed economic systems in the world. Canada"s abundance of natural resources, skilled labour force and sophisticated technology-based businesses have enabled the economy to grow and prosper over the past 200 years. Canada"s economy has moved from being primarily agricultural to a diversified system. Productivity gains, strong business investment, technological innovation, moderate wage increases, and a favourable currency exchange rate are all key factors in ensuring the. Products driving current trade performance include oil and gas, canola, wheat, gold, nickel, potash, sulfur, telecommunications, aerospace, forestry-related and automotive sector products. Canada is a member of the g7/8 which is a quasi-organization comprising the world"s major fully developed economies. Allowance for private ownership, entrepreneurship, and wealth creation. Extent of government in influencing economic activity and direction. A balanced relationship needs to exist between the three fundamental market composition principles in order for an economic system to develop and grow.
