COMM 200 Chapter Notes - Chapter 2: Foreign Direct Investment, Economic Equilibrium, Economic System
16 Oct 2017
School
Department
Course
Professor
Document Summary
Canada and its economic system: the key factors that are deemed critical in ensuring the canadian economy remains competitive are, productivity gains, strong business investment, technological innovation, moderate wage increases, favourable currency exchange rate. The underlying economic model: in addition to the other factors, economic development needs requires a balanced relationship to be established among 3 fundamental market composition principles, 1. The law of supply and demand: 2. Allowance for private ownership, entrepreneurship, and wealth creation: 3. Extent of government involvement in influencing economic activity and direction. Allowance for private ownership, entrepreneurship, and wealth creation: the market must encourage the concepts of private enterprise, personal ownership, entrepreneurship, and wealth creation, economies around the world allow individuals and corporations these rights to varying degrees. The economy in simple terms: there are 4 fundamental factors that determine an economy"s productivity and resulting economic activity, 1.
