MGM101H5 Lecture Notes - Lecture 7: Environment And Climate Change Canada, Pest Analysis, Government Spending
MGM101H5 verified notes
7/13View all
Document Summary
Economic growth factors: energy, mining, natural resources, agriculture. Benefit from trade surplus during increasing global demand for energy. Balance of trade surplus: different between value of imports and exports. Its one of the most fully developed and diversified economic system. Reasons: abundant natural resources skilled labor sophisticated technology. Economic development factors: 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: Acting as a customer and purchasing commodities. Acting as competitor to private sector in terms of service provider. Open system: governed by law of supply and demand.
