Describe the concepts of export and import

—Import : To bring or carry in from an outside source, especially to bring in (goods or materials) from another country for trade or sale.

—Copper, gold & nuclear fuels are fast-growing imports into Canada from America.

 —Export : To send or transport (a commodity, for example) abroad, especially for trade or sale.

—Sugar, zinc & precious metals are fastest growing Canadian exports to the U.S.

Canada’s largest trading partner is America, and America’s largest trading partner is Canada.

Amélie Chouinard

MAJOR METHODS OF ADVERTISING AND PROMOTIONS

Traditional methods of advertising and promotions

Using Direct Mail

Mailing Lists

Using Signs and Displays

Advertising on Radio and T.V.

New methods of advertising and promotions

Email Marketing

Some company’s ask you for your e-mail address and send you some promotions by email.

Online Advertising and Promotion

Company’s post their promotions on their websites

Social media marketing

 Facbook, twitter, Youtube

                The new generation is promoting and advertising of the companies by

                                                                                                                                                                                Sylvie Gautreau

Explain the various functions of marketing and promotion in business

• Informs consumers of the goods and services that are offered.

• The more money companies put towards publicity the more chances they have of  increasing their sales.

• Gives people as well as other companies an opportunity to learn about sales or promotions going on in a business.
• Allows companies  and businesses to be competitive with one another.

Michelle

Summarize the various considerations pertaining to business and personal budgeting

Véronique Baker

A budget is very important to the well function of a business or a household. A budget is an estimate of available money to be spent.

The first step in budgeting is knowing how much money you have to spend. After evaluating the income after deductions for a year, you can then proceed to the creation of your budget.

The second step is to identify the regular payments that have to be made from the money available. Whether you like it or not, the payments are the most important and have to be made regularly.

If your monthly income is lower than your total of monthly payments, you have a problem, therefore; you must lower your payments or get rid of some of them.

The third step is to determine how much money is left to buy anything else you might want.

Total Income – Total payments = Money you have left for clothing, entertainment, etc.

After having determined how much money is left for regular expenses, the fourth step is to choose wisely where you want to spend that money.

The fifth step is to draw up your final monthly or annual budget.

Ex.

Monthly Income                                                     $   2000

Expenses

             Rent                                                                 $ 800

            Car payment                                                    $ 300

Telephone                                                         $ 25

Visa paymen                                                     $ 100

Gasoline                                                           $ 100

Food                                                                  $ 160

Savings                                                             $ 150

Entertainment                                                  $ 100

Clothing                                                            $ 265

Total Expenses                                                         $   2000

The five factors of production

Everything we do is to receive something in return. For example, we give labor to receive money. It all comes down to make a profit.

The factors of production are any service used to produce goods and services. Here are the 5 factors:

Capital – It is all the goods that help in the productive process. For example: building, machine, tools

Land – Resources provided by water, wood, veggies, mineral, oil

Labor – Human effort in producing goods and services

Finance – Money

Entrepreneurship – PROFIT

Capital – Interest

Land – Rent

Labour – Wages

What is in his wheelbarrow is to make a profit.

Josée Cyr