Mention and Explain Three Ways Through Which Small Business Contribute

question 95

Essay

Mention and explain three ways through which small business contribute to the Canadian economy.

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Definitions:

Economic Inefficiency

A situation where resources are not allocated optimally, leading to waste or loss in the potential value of output.

Hollow Corporation

A business model where a company outsources most of its production processes, keeping only core functions such as design, marketing, and branding in-house.

Imports Foreign Goods

The act of bringing goods and services from foreign countries into one's own country for sale.

Trade Deficit

A situation where a country's imports exceed its exports, indicating that it is buying more from other countries than it is selling to them.