COMM 103 Chapter Notes - Chapter 2: Environment And Climate Change Canada, Small Business, Intellectual Capital
26 Aug 2013
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Document Summary
Canada possesses one of the most fully-developed economic systems in the world: abundance of resources, better skills, the sophistication of our technology based businesses. Moved from agriculture based, to that of a diversified system whose outputs are sought be consumers around the world. Factors critical in ensuring canada"s economy remains resilient and competitive: productivity gains, strong business investment, innovation, wage increases. Contributing factors to economic development: political stability, factors of production, manageable lvl of national debt, Monetary policy and banking systems, lvl of investment, inflation rate, Absence of corruption, efficient legal system, comparative advantage. Refers to the ability of the market, independent of external influences, to determine the price for which a product/service will be bought and sold. Inelastic demand: results when movement in price does not severely affect the demand: change in gas price from 2007 (sh. 67) to 2011 (. 30) Elastic demand: results when quantity demanded changes do to a price change.
