Mercedes Shulman

August 20, 2020

Lesson 5: Assessment of Learning Template

Task 1: Need or want?

1. Is the olive oil a need or a want? If so, what need/want is being responded to?
Olive oil is considered a want, because it is not a necessity of life.

2. What impacts the demand for olive oil and what impacts the supply?
As the price of olive oil goes down the demand for the product goes up. Conversely as the
price of olive oil goes up the demand for the product goes down. Factors that affect impact
supply are improved procedures, keeping ro creating a market and increasing overall
company roles.

Task 2: Type of business ownership

Your sister is also a food connoisseur. She was with you in Spain and sees the potential success
of starting an olive importing business. Your sister excels at finance and accounting. You know
you can trust her. However, this was originally your idea. You may not have the business sense
that your sister does, but you are really good at making contacts and have already developed the
networks necessary for success.
1. What type of business ownership is most suitable to you? Identify your choice of business,
explaining why you feel it is best. Include two pros and two cons of this type of business
ownership.
Partnership is most suitable for me because you have an extra set of hands, additional
knowledge, reduced financial burdens, less paperwork and fewer tax forms. Cons to this
partnership are less independence, potential conflict, divided profits, individual taxation.
This business type is best for me because both me and my sister can split everything.

Task 3: Ethics and Corporate social responsibility

You are passionate about the environment and sustainable modes of agriculture. You strongly
believe that we should take care of the Earth for future generations. You also spend a lot of your
spare time volunteering and donating to charities. This is a big part of your value system and is
how you’ve been raised. However, you know that if you operate your own business, you will be
very busy and will have less time for your volunteer work.

You realize that there are other ways of giving back. For example, you admire organizations that
engage in social responsibility and can make similar choices for your organization. Your
company can reflect your personal goals.
1. Identify three strategies you will use in your business that demonstrate sound social
responsibility.
-Providing a safe and healthy work environment
-Protecting the environment
-Donating to charities

Task 4: International trade

You’re ready to start importing your olive oil and selling it to potential customers. Since you are
unable to grow olives in Canada, you will need to import the olive oil from Mediterranean
countries.
1. Identify two benefits of international trade.
Two benefits of international trade are increased quality and quantity of goods and cheap
labour.

2. Identify two challenges to international trade and how they affect your particular business.
Two challenges include transport and currency values. Transport may affect my olive oil
business because the longer the trip the more likely the product will break or be stolen.
Currency values would definitely affect my olive oil business because if it is being
shipped all over the world it may cost more, which will then raise the price of the product
turning people away from it.

3. What possible trade agreements will affect you?

Environmental degradation may affect my olive oil business as well as outsourcing.

4. Identify three possible countries you can do business with.

I would like to conduct business with Germany, France and the United States.
Task 5: Researching for international trade

1. Using your research skills, identify top products exported from Europe to Canada. Include
your citations (the source of your research) to back up your findings.
-Machinery
-​Chemical and pharmaceutical products
-Transport Equipment
https://ec.europa.eu/trade/policy/countries-and-regions/countries/canada/

2. Using your research skills, identify top products exported from Canada to Europe. Include
your citations (the source of your research) to back up your findings.
-Metals
-Mineral Fuels
-Electrical Equipment
https://tradingeconomics.com/canada/exports/germany