External Factors

In: Other Topics

Submitted By tpab
Words 398
Pages 2
Question:
Businesses are influenced by a number of external factors. Grade the current external factors as positive or negative for Canadian businesses and explain why they are positive or negative. What can the government do to address possible business concerns they may have with the external factors.
•Economic conditions
•Emerging technologies
•Political –legal considerations
•Social issues
•Global environment
•Ethical issues and social responsibility

Answer:
My focus will be on the Canadian business environment. As most of the world is aware by now, the oil prices have been going down. This probably fits under global environment. In terms of Canadian businesses, depending which industry you are in, it is either a good or bad thing. It’s positively affecting businesses which the use of gas is a big expense to them, like airlines, trucking industries, and shipping companies to name a few. It is also a positive for us, the consumers, as we are paying considerably less for gas. We have extra money available to us, so we have more to spend. This could go as far as to be related to the economic conditions affecting businesses unrelated to oil in a positive way, as the Canadian consumers are willing to spend a bit more.
In terms of negative impact, the main target is obviously the oil industry and the businesses in that field. Businesses have been going down, and a lot of people have lost their jobs. In turn, provinces like Saskatchewan and particularly, Alberta, are experiencing major economic struggles, like declining house prices and unemployment. Even though the oil and gas sector are in shambles, we have to take in consideration that it constitutes of only 3 to 5 % of our GDP and is one-third of our exports, so we are still doing good elsewhere.
Whether it be because of the oil prices or not, the Canadian dollar has recently been at its lowest value…...

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