Discuss the role and changing trends of Canadian business in the Canadian and global economic systems.

Assignment Brief

Subject Description 
This course is designed to provide students with an introduction to the Canadian business environment, business issues and functions, and the major forces at work in the global economy. It provides students with a perspective of business firms as integrated organizations composed of a number of specialized functions.

Learning Outcomes: BAM101 Introduction to Business Administration
Upon successful completion of this subject the student will be able to:

1. Discuss the role and changing trends of Canadian business in the Canadian and global economic systems.
2. Identify and describe the political, economic, social, technological and international/geographic environments within which business operates.
3. Compare the various forms of business ownership, identify the importance of entrepreneurs, and explain the appropriate structures for setting up business in Canada, including the basic elements of a business plan.
4. Describe the basic management functions of planning, organizing, leading and controlling as they pertain to all areas of business.
5. Describe the elements of Human Resource Management within an organization and the importance of leading and motivating employees.
6. Discuss ethical issues and social responsibility, and how they affect the major business stakeholders such as employees, customers, investors, the community and environment.
7. Describe the importance of trade for Canadian business including the opportunities and challenges of conducting business in the global economy.
8. Explain financial management as it relates to the Canadian money and banking systems, risk management, securities markets and investment functions.

Sample Answer

Discuss the Role and Changing Trends of Canadian Business in the Canadian and Global Economic Systems

Canadian businesses play an important role in both the national economy and the global marketplace. Over the years, the role and operations of Canadian companies have evolved significantly due to factors like technology, trade agreements, globalisation, and consumer demands.

Role of Canadian Business in the Canadian Economy

1. Job Creation
   Businesses are one of the biggest employers in Canada, from small local shops to large multinational corporations. They provide millions of jobs and support household incomes.

2. Wealth Generation
   Businesses drive productivity and economic growth. Profits lead to investments, tax revenues for the government, and better living standards.

3. Innovation and Technology
   Companies in sectors like technology, clean energy, and manufacturing invest in research and innovation, helping Canada stay competitive and future-ready.

4. Support to Communities
   Many Canadian companies contribute to society by supporting charities, sponsoring events, and investing in local infrastructure.

Role of Canadian Business in the Global Economy

1. International Trade
   Canada is a trading nation. Businesses export goods like oil, timber, automotive parts, and agricultural products to countries like the U.S., China, and the UK. This boosts economic growth and helps create partnerships.

2. Global Investment
   Canadian businesses invest abroad and form joint ventures to expand their reach. Likewise, Canada also attracts foreign companies to invest here.

3. Participation in Global Supply Chains
   Companies in Canada are part of global supply chains, for example, manufacturing parts for electronics, cars, or aircraft that are assembled in other countries.

Changing Trends in Canadian Business

1. Digital Transformation
   Businesses are using more digital tools like e-commerce, automation, and AI. This trend accelerated during the COVID-19 pandemic, and now online sales and remote work are common.

2. Sustainability and Green Economy
   There is growing focus on environmental responsibility. Companies are now expected to reduce carbon emissions, follow ethical practices, and support sustainability goals.

3. Global Expansion and Diversification
   As global markets change, Canadian businesses are expanding beyond the U.S. to countries in Asia, Europe, and Africa, seeking new customers and reducing dependency on one market.

4. Diversity and Inclusion
   There is more attention on creating inclusive workplaces and reflecting Canada’s multicultural society in business practices and branding.

5. Focus on Innovation
   Government support for tech startups, renewable energy, and healthcare innovation is pushing businesses to be more creative and forward-thinking.