MGM101H5 Lecture Notes - Lecture 5: Protectionism, Economic Equilibrium, Openmarket
25
MGM101H5 Full Course Notes
Verified Note
25 documents
Document Summary
Specific products drivi(cid:374)g ca(cid:374)ada"s curre(cid:374)t eco(cid:374)o(cid:373)ic a(cid:374)d trade perfor(cid:373)a(cid:374)ce i(cid:374)clude crude oil a(cid:374)d other petroleum gases, wheat, canola, and other agricultural-based products, metals, and minerals. A core requirement to the stability and growth of any economic system lies in its ability to support and promote the current and future economic activity taking place. Established factors of production (roads, ports, utility systems, educated workforce, etc. ) A balanced relationship needs to be established among 3 fundamental market composition principles: the law of supply and demand. The ability of the market, independent of external influences, to determine the price for which a product or service will be bought and sold: allowance for private ownership, entrepreneurship, and wealth creation. The openness of the market to support, encourage, and promote the concepts of private enterprise, personal ownership, entrepreneurship, and wealth creation. Ca(cid:374)ada"s eco(cid:374)o(cid:373)y fully supports these co(cid:374)cepts i(cid:374) a cli(cid:373)ate of risk a(cid:374)d return: extent of government involvement in influencing economic activity and direction.
