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Flashcards in Unit 3 Deck (24):
1

Economy of Canada Contributions

Made up of contributions from
Business
Labor
Government

2

Canadian Governments

Revenue from taxes that businesses pay
25-40% of profits go to federal and provincial governments
Pay municipal property taxes

3

Governments Regulate Businesses Deal with Issues

Deals with issues
Environmental protection
Minimum wages

4

Strong Economy Has...

Good standard of living and quality of life

5

Business Cycle

When an economy starts to build up people start asking for more money. Companies start to pull out and the economy starts to slow down and wages drop

6

Ripple Effect

When companies start investing money in a specific area the area starts booming and people start to move there. Uneven balance and more expenses

7

Standard of Living

More money higher SOL
Refers to the amount of goods and services people enjoy

8

Gross Domestic Product

The average amount of income one person makes in that country over one year

9

Comparing SOL and GDP

High GDP isn't always a good thing
Measures the amount a person is producing per capita
Producing a lot-> good thing/stronger

10

Quality of Life

Includes people material SOL
Includes social & environmental factors
Life expectancy
Communication facilities
Infant mortality rates

11

Employment

Three main factors
Education
Experience
Unique
STAND OUT
Strong economy-> lots of jobs

12

Strong Economy

High employment
Good GDP, SOL, QOL

13

Unemployed

Out of work looking for employment

14

Income

Affects SOL and QOL
Impacts community around you

15

Factors Affecting Your Level of Income

Education
Employability

16

Workplace

Provide employment opportunities
Safe and healthy
People treated properly

17

Wealth Income Employment

PROFIT= REVENUE-EXPENSES

18

EDU level

80% of jobs require a high school diploma
50% require additional 5 years of training and education
90% of the require college and university
35% of your life you will be unemployed if you're not educated

19

Labor Movement

1900's employees form unions to fight against business owners and improvements to their standard and living and quality of life

20

Safety in the Workplace

RIPT
REACTION
INSPECTION
PREVENTION
TRAINING



21

Health in Workplace

Better lighting
Less noise
Food
Exercise program

22

Equal opportunity

Protect Canadians from unfair a treatment, discrimination and racism

23

Business and Community Challenges

Environmental Concerns
Land Use
Traffic

24

Business

Everything/ everyone relies on each other