BMG100 Course 2 and 3

Unemployment Rate

  • Measures those unable to find jobs vs. those available to work.

Canadian Economic Overview

Recent Trends

  • Unemployment reached a 40-year low of 5.6% in 2019; spiked during COVID-19; currently at 6.4%.

Economic Key Indicators

  1. Trade Balance:

    • Difference between exports and imports; trade deficit is unhealthy.

  2. CPI:

    • Measures price changes of consumer goods.

  3. Per Capita Income:

    • Average income level in Canada.

  4. Worker Productivity:

    • Quantity of goods/services produced per hour worked.

A Brief History of the Canadian Economy

Early Economy

  • Initiated in the 16th century focusing on farming, fishing, and fur trade.

Industrial Revolution

  • 19th century emphasis on factories; increased production via specialization.

Manufacturing & Marketing Economies

  • Industrialization created jobs; increased consumer-focused marketing.

Service & New Digital Economy

  • Shift to service industries; technological advancements changing economy.

The Role of Government

  • Canadian economy is mixed; governments regulate to promote competition and consumer protection.

Entrepreneurship

  • Definition: Individuals who risk capital for innovation and profit.

  • Key Traits: Risk, innovation, creativity, and reward.

Notable Canadian Entrepreneurs

  • KC Irving, Garfield Weston, Joseph-Armand Bombardier, John Molson, McCain brothers, Guy Laliberté, etc.

Course Learning Potential

  • Knowledge, skills, experience, and judgment essential for business success.

Questions and Course Logistics

  • Encourage inquiries; review key dates and topics.