MGM101H5 Lecture Notes - Lecture 7: Environment And Climate Change Canada, Pest Analysis, Government Spending

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25 Oct 2018
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October 24, 2018
MGM101H5
PROFESSOR DAVE SWANSTON
LECTURE- BUSINESS ENVIRONMENT
CANADA is a petro-economy
Economic growth factors:
Energy
Mining
Natural resources
Agriculture
Energy- largest export sectors
Benefit from trade surplus during increasing global demand for energy
Balance of trade surplus: different between value of imports and exports
Canada is current member of G7/8
Its one of the most fully developed and diversified economic system
Reasons:
abundant natural resources
skilled labor
sophisticated technology
G7/8:
quasi organisation
comprise worlds fully developed countries
G7-USA, japan, Germany, great Britain , France, Italy, Canada
G8- includes all these countries and Russia
These countries heads meet once a year discussing major economic, social and
political issues
ECONOMIC INFLUENCERS:
ECONOMIC DEVELOPMENT FACTORS:
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Competitive advantage: ability of production of goods and services at lower cost
than other countries
FDI foreign direct investment: company or individual making investment in
companies in other countries
Economic model:
Law of demand and supply:
Determines prices of commodities
Influenced by external factors
Demand: number of purchasers willing to pay the asked price for commodity
Supply: number of sellers willing to sell at a given price
Demand and supply can be elastic and inelastic
Examples:
Inelastic demand: gasoline
Because there is no alternative
Elastic demand: wearable devices
Because alternatives are available
Allowance of private ownership, entrepreneurship, wealth creation:
Refers to openness of market supporting, encouraging and promoting private
enterprise, ownership, entrepreneurship and wealth creation
Developed countries like USA, Canada fully support this concept of risk vs return
Developing countries like India, china allowing greater access to such rights
Countries like Korea less willing in supporting this
Government involvement in economic activity and direction:
Refers to Governments involvement in day to day economic activities:
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