What makes Canada a competitive and resilient economy? - answer✔✔1. productivity gains
2. Strong business investment
3. Technological innovation
4. Moderate wage increases
5. Favorable currency exchange rate
G7/8 - answer✔✔Canada, USA, UK, Italy, Japan, France, Germany
Foreign Direct Investment (FDI) - answer✔✔· In 2022, FDI into Canada totaled $726 billion
· Largest trading partner = USA
· Both Asia/Oceania are active investors in Canada
3 Fundamental Market Composition principles - answer✔✔1. The Law of Supply and Demand
2. Allowance for private ownership, entrepreneurship, and wealth creation
3. Extent of government in influencing economic activity and direction
3 Fundamental Questions: - answer✔✔1.What are the general indicators saying about the current
economy?
2.What broad-level changes (political, economic, social, etc.) are occurring which might impact
future growth and market position?
3.Which competitive actions and market forces may disrupt the way business is done within an
organization's particular market sector?
Porter's Five Forces Model - answer✔✔Middle Section (connected to the rest): Rivalry Among
Existing Competitors
On top: Threat of new entrants
Right: bargaining power of buyers Bottom: threat of substitute products or services
Left: bargaining power of supplies
Who is our largest trading partner? - answer✔✔United States
How much do we export to USA? - answer✔✔73.4%
Cognitive bias - answer✔✔a systematic pattern of deviation from rationality in judgement
Ex. Black Friday sales. You feel pressured to take advantage of the good prices
Human Factors - answer✔✔· The influence on how we ultimately act and behave
Cognitive Bias - answer✔✔- Overestimation of your skills
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