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Unit 1

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Summary


This article focuses on to key players in not only the government but also the economy. Such as Stephan Harper which is the prime minister of Canada and the Unifor president Jerry Dias. In this article Harper states that Canada is in the final stages in the global trading network. The government is making new deals and with them the auto sector is not getting much out of it. Although it is a key source in are economy as even Harper states. Dais then starts to talk about how because of Harper 25,000 good-paying citizens are going to lose their jobs. Dais also thinks that Canada is in a lot of trouble due to Harpers negative impact trade deals. Furthermore, soon majority of the parts well be made in china not by the TTP. Although there are not only bad decisions made by Harper, because Harper’s deal could create the worlds largest trade zone and encompass 40 percent. At the end of the article Dais says how he doesn’t trust Harper and how we have to make sure this government goes down.


Economic concept


This relates to the unit since it shows a lot about Trade-offs. The trade-off here is that Canada has to sacrifice there Auto sector that makes a lot of money for Canada for a chance to get the largest trade zone. There is also alternatives going on because Harper has to choose what would help the Canadian economy more. There are also human resources in this when it mentioned the workers that would be laid off if Harper goes along with his plan. Profit was also a part of this since Harper had to think about what choice would have more profit. Opportunity cost is like alternatives and profit in the sense that Harper needs to figure out the ratio between the different sectors and the overall economic society to maximize the economies efficiency.


Definitions


Trade-off: Choices involved in giving up something to gain something

Alternative: Different options from which you can choose

Human resources: Labour needed to produce goods or services

Profit: The amount that is left over after all the costs have been met from the income of a business

Opportunity cost: The benefit lost in taking one course of action rather than another.

Economic: The study of human activity involved in using scarce resources to satisfy wants.

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Summary


This article has many facts about how it’s not the slowdown in the oil industries or the specter of housing bubbles, that is risking Canada’s economy but it is China. According to TD Bank Canada the oil industry is returning to its steady growth in the second half of this year. The article the goes on to say the recession during the first half of the year means Canada well have the slowest economic growth since 2014. Economist at TD say that there are prominent risks such as China, who has just experienced stock market crash. Next, they go on to talk about how China is the world’s largest importer, and how Canada depend on them due to the fact we are heavy exporters. Therefore, due to China’s crash, it could end up weakening Canada’s trading partners. The article then switches views, and goes on to talk about how this could strengthen Canada’s housing market. According to TD the housing demands are underestimated and will continue because of low interest rates. They also talk about how there is going to be more upbeat future for housing especially in Toronto and Vancouver. To end the article they say how at this rate the economy will be growing 2 percent per year in this industry and the bank of Canada well be looking at raising rates.


Economic Concept


In the beginning scarcity is widely focused on as it’s the oil industry falls throughout the beginning half of the year. Scarcity is the main topic in not only the first bit of the article but also in the first unit. Next, Exports are also mentioned when they talked about how Canada exports a lot of things to china and how China imports many things. All the information from this articles was given by economists from TD Canada trust. Which is why the importance of economists are unparalleled in the world of economy. The last but most important relation to this unit and article would be natural resources since the article talks about how oil (which is a natural resource) was running out during the start of the year.


Definitions


Scarcity: when there is not enough of a certain resource

Exports: when something is leaving on country to go to another country

Imports: when something is coming into a country from another country

Economist: an expert in economics

Natural resource: non-human and non- processed goods that came from the environment

Unit 2

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Summary


There are multiple facts about Canada’s energy companies are producing a lot of heavy oil causing Canada to be venerable to lower prices on crude. It also shows that Canada is having trouble exporting the oil to the U.S, and other markets. Many investors are consider the differential between benchmark Western Canadian Select (WCS) and West Texas Intermediate (WTI). The current differential is US$15 per barrel witch is because of the lower quality in the Canadian crude and the transportation to the U.S. All, the big energy corporations in Canada have some oilsands production and the future of Canada’s heavy oil will come from this. The next topic in the article is whether the oil is getting upgraded or not. It is then shown that Canadian Oil Sands Ltd. Upgrades all its old making it a premium to even WTI. Although Suncor Energy Inc. also upgrades its oil but sells lower quality. Kyle Preston, an analyst at National Bank Financial points out some companies that get all of their production from the oilsands are more exposed to pricing differentials. Now some companies that used to produce predominantly heavy oil have changed courses. Heavy oil itself doesn’t make companies vulnerable, because some companies are fully integrated, which somewhat protects them from oil differentials.


Economic Concept


The relationship between this article and this unit is that it talks about Canada’s supply of oil, the oil market between Canada and the U.S, and also the law of demand. Since the supply of oil is increasing due to the energy companies the cost of crude will lower. Is would be a surplus, although because of the law of supply the decrease in price will cause a decrease in quantity supplied. The next relation would be the market for oil. Since Canada doesn’t want to purify the oil due to the cost it is done in the U.S making a market between the two countries. A market can be any network that brings buyers and sellers together to exchange goods or services. And lastly according to the law of demand an increase in price will cause a decrease in quantity demanded. So if oil got more expensive less people will want it.


Definitions


Supply: the quantities of a good or service that a seller are willing and able to buy

Market: any network that brings buyers and sellers together so they can exchange goods and services

Law of demand: an increase in price will cause decrease in quantity demanded

Surplus: when there is more supply then there is of demand

Law of supply: increase in price will increase quantity supplied

Quantity supplied: a commodity that producers are willing to sell at a particular price at a particular point of time

Goods: concrete visible things that satisfy human wants that last a period of time

Service: things that can’t be touched and consumed at the time

Quantity demanded: the amount of a product people are willing or able to buy at a certain price

Unit 3

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Summary


Hundreds of thousands of epinephrine auto-injectors were recalled because they did not deliver the correct amount of the life saver drug. If the patient doesn’t receive the right amount of intended dose it could cause major health consequences. There are many reports from North America but only about 40% are from Canada. The company Allerject said none of the reports about the malfunctions have been confirmed and the patients have described a hypersensitivity reaction. There different types of competitors like Sanofi and Mylan both which help to treat allergic reactions like EpiPen. The spokeswoman said in an email that all consumers understand they should return the EpiPen and get the correct one. Because of this return, Sanofi is expecting an increase in demand for the product. In case there is a life threating allergic reaction before the patient can get there new auto ejector there are instructions to help them in there Allerject devices. The third and final point of the article is that Halloween is a high priority time. Dr.Elana thinks there will be some supply and demand issues that have to be worked out. There are many issues with kid that have food allergies near Halloween time. There are some benefits to the recall like a new step by step instructions on how to use it.


Economic concept


This unit talks about supply and demand as does this article. In the article it talks about the demand of EpiPens increasing in other companies. It also talks about the overall difference in supply and demand which often changes this time of year due to Halloween. Due to the recall of goods the company Allerject is going to lose a lot of money. Although the lose wouldn’t be to bad considering that auto ejectors are inelastic due to the fact some people need them to survive. And now that they have been improved they should be worth quite a bit more. And temporarily the market is at a surplus of auto ejectors because they don’t want a shortage causing them to leave some patients without it.


Definitions


Supply- the quantities of a good or service that a seller are willing and able to buy

Demand- is the quantities of a good or service that buyers are willing and able to purchase at various times

Goods – a tangible thing that you have or can purchase from a place or person

Inelastic- demand means % change in quantity demanded is less than % change in price

Market- any network that brings buyers and sellers together so they can exchange goods and services

Surplus- is when you have more supply than you do of demand

Shortage- is when you have more demand than you do of supply

Unit 4

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Summary


The government is promising to bring is Syrian refugees in, and because of this over 6,000 refugees are expected to come per week starting December 1. Unions should be engaged early to make sure there are no health issues. Jean-Pierre Fortin president of the union representing Canada’s border and customs officers, expects a briefing by now since his union will be having 900 passengers per flight, with 3 flights a day coming to Montréal and Toronto. A meeting on Friday morning, after the draft was leaked he was told no further information will be given until all plans are not announced by the government. Robyn Benson, president of the giant Public Service Alliance of Canada, agrees to what the government is doing and want to help them get 25,000 refugees to Canada. Public service employees have the skills needed but they still need tools and support. Ron Cochrane, president of the joint union-management National Joint Council plays a key role since he is the one making sure everyone stays in the loop and is also in charge of ground screening. Since there are 18 unions it takes longer to keep everyone in the loop. The new draft document highlights the importance of the safety and security of all Government of Canada personnel as well as refugees will not be compromised by this operation


Economic Concept


The main topic of this article that relates to this unit is unions. There are main unions in this article like craft unions which would be the public service employees and also a national union that represents all of Canada. There are also poor people or people in poverty which would be the refugees. These people are coming over from Syria to Canada and will be living in very bad conditions with a bit of support from the government. There is also contracts that are made between the government and the unions stating multiple things.


Definitions


Union: an organized association of workers formed to protect and further their rights and interests; a labor union.

Craft union: made up of a specific trade or skilled workers

National union: represent union members across the country

Poverty: the state of being extremely poor.

Contract: a written or spoken agreement, especially one concerning employment, sales, or tenancy, that is intended to be enforceable by law.

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Summary


Paul Rak, is the owner of VeriForm, a metal fabrication shop in Cambridge Ont. VeriForm like most companies wasted a lot of energy which destroys the environment. After Rak had his first kid he realized he should help the environment so his daughter can live a longer and happier life. He not only got a new fuel-efficient car but also ended up lowering his companies heating bill by over $5000 per month. He not only helped the environment but also his company from going bankrupt. Energy-efficiency projects are used in many companies but each company decides to take on their own renewable energy to electrifying fleet vehicles depending on where they operate. In Ontario, the single biggest action businesses have taken to reduce their carbon footprint is to stay plugged in to the provincial power grid. Since there are less coal-fired power generators now the emission from electricity went down by 80% since 2015. Mark Jaccard, a professor of environmental economics at B.C.’s Simon Fraser University, thinks Ontario is a perfect case on how reducing coal-fired generators can reduce the emission.


Economic concept


The first thing that relates to the unit and this article is the person that this article is about the Entrepreneur Paul Rak. He is an entrepreneur because we founded his own company. The company itself also relates to this unit because is a sole proprietorship which then become a franchise over years of hard work and dedication. And because of all the changes made in the companies in to save the environment they also save money that can be used to increase their consumption and savings. This will all change the business budget causing the chances of their business to be in a surplus over a deficit higher than before when they might have almost been bankrupt.


Definitions


Entrepreneur: Individuals who start their own business or who aggressively expand existing ones.

Sole proprietorship: A form of business organization in which one person owns and operates the business.

Franchise: A license or privilege granted by a corporation (the franchisor) to another corporation or individual (the franchisee) to sell a particular product or service with an advertised trade name. Most Tim Horton’s donut shops are franchises.

Consumption: The part of an individual’s income that is spent on goods and services rather than savings

Savings: That part of current income that is not spent.

Budget: A financial plan that shows expected income and expenditures and indicates the anticipated surplus or deficit.

unit 5

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Summary


The debt in Canadian households hit a new high as it is becoming higher than the income. The amount of debt went up by 1 percent from the second quarter to the third quarter. Average household has roughly $1.64 in debt for every dollar of disposable income. Good prices in housing in B.C and Ontario are casing income growth and the decrease in oil and other commodity prices are lowing income growth. Total household credit market debt, which includes consumer credit, and mortgage and non-mortgage loans, reached $1.892 trillion. While mortgage loans take up a majority of that. Because of this the down payment is increasing to up to $500 000. Although, TD Bank economist, Diana Petramala, thinks this will only effect a small amount of the overall housing market. Because, of high unemployment it could be a problem. The low interest rates make it easy to manage but there is always a chance it could rise. A report came out to for the latest financial system. Although the household debt-to-disposable income ratio is at a new high, it likely will not dictate Bank of Canada policy.


Economic concept


This article relates to this economic unit because of several points. The first point is interest rates, because a large portion of the article is about the interest rates. If there are low interest rates that mean u ideally have more time to pay off the debt owed. Next, loans are also a big topic in this article. Loans happened when people need more money to buy or pay something off, but they also need to be paid off after a particular time. The amount of time given to pay off loans varies depending on the size of the loan itself. A topic that is not mentioned much but is still important is income tax, because it’s the largest source of federal government taxes. Without it the government would have to do a lot more public debt. Which isn’t fair for the population. This can case many problems for people with finical struggles. But it does get evened out because of federal excise tax which can be used to buy luxuries.


Definitions


Interest rates: the proportion of a loan that is charged as interest to the borrower, typically expressed as an annual percentage of the loan outstanding.

Loan: a thing that is borrowed, especially a sum of money that is expected to be paid back with interest.

Income tax: tax levied by a government directly on income, especially an annual tax on personal income.

Public debt: money owed by a government agency.

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Summary


North American stock market falls in oil and other commodity. Toronto TSX composite index fell 48.49 points after 2 days of robust increasing. The same has happened in the New York stock exchange. Kash Pashootan, portfolio manager at First Avenue Advisory in Ottawa, a Raymond James company said that is fall is needed to bring back the stocks after the 2008 financial crisis. Even though the market was down, the investor’s confidence remained high. This correction caused the investors to go back down to reality. The crude oil and gold are taking the biggest hits with losing about 5% each. Investors are closely watching the U.S. Federal Reserve for signs that it will raise interest rates from the near zero level at which they have been at for 2008, at the next banks meeting in December. Many people except the rates to increase although such a move would be hard to do because of the markets correction and volatility in overseas markets. Canada’s central bank has already cut its interest rates twice this year allow as the U.S has increased theirs. The oil-linked currency may also continue to suffer if oil’s price stays low. Fed chairwoman Janet Yellen told the congress said it’s possible for the interest rate to increase as of this December.


Economic Concept


One of the main chapters of this unit is stocks and this article focus is stocks. It talks about how stocks have been dropping not only in Canada but also in the US. Two of Canada’s biggest exports and stocks are dropping which are oil and gold. The article also includes facts on government enterprises which are in charge of the stocks. There are also corporations that are in charge of mining for the oil and gold. Investors are also mentioned which relates to this unit since they are the ones that purchase shares on the company and are impacted by the stocks also.


Definitions


Stocks: something that can be bought to receive part ownership of a company and a chance to receive money

Government enterprises: Federal, provincial and municipal governments produce a wide array of goods and services in Canada

Corporation: a company or group of people authorized to act as a single entity (legally a person) and recognized as such in law.

Investors: is someone who provides (or invests) money or resources for an enterprise, such as a corporation, with the expectation of financial or other gain.

Purchase: acquire (something) by paying for it; buy

Shares: a part or portion of a larger amount that is divided among a number of people, or to which a number of people contribute.

Company: a commercial business.