BBI 2O Introduction to Business BELL WORK Skim through chapter 1, write down any bolded terms you are not familiar with. (5 minutes) Read “Pita Pit”, page 5. Answer questions #1, #2 (5 minutes) Slide 2 BBI 2O Unit 1 UNIT 1: Business Fundamentals Chapter 1: Economic Basics What is a Business? “I feel that luck is preparation meeting opportunity” ~ Oprah Winfrey What is a Business? There are many ways to classify a business. Slide 5 BBI 2O Unit 1 What is a Business? A For-profit Business “an organization that produces or sells goods or services to satisfy the needs, wants, and demands of consumers for the purposes of making a profit” Slide 6 BBI 2O Unit 1 What is a Business? A For-profit Business Profit: money left after all expenses have been paid Expenses: money spent on running the business (wages, supplies) Slide 7 BBI 2O Unit 1 What is a Business? A For-profit Business Costs: money spent for the production of the good or service Slide 8 BBI 2O Unit 1 Businesses try to keep profits up by keeping costs and expenses down. What is a Business? A For-profit Business Profit = Revenue – Expenses Slide 9 BBI 2O Unit 1 If profit is negative, it is called a loss. What is a Business? A For-profit Business Slide 10 BBI 2O Unit 1 A business which makes profit may use the money to: • expand/grow operations • improve products/services • give to owner/shareholders What is a Business? Non-profit and Not-for-profit Businesses Slide 11 BBI 2O Unit 1 NP: does not look to make profit, but raises funds for a specific goal (charities, charitable organizations) Examples? What is a Business? Non-profit and Not-for-profit Businesses NFP: does not seek to make profit, extra monies used to improve services Slide 12 BBI 2O Unit 1 Examples? What is a Business? Non-profit and Not-for-profit Businesses Slide 13 BBI 2O Unit 1 Co-operative: A group of people who come together to meet a set of goals in a democratically controlled business. What is a Business? Size of Business Small or medium sized business: less than 500 people Slide 14 BBI 2O Unit 1 What is a Business? Forms of Business Ownership will be covered in chapter 2 Slide 15 BBI 2O Unit 1 What is a Business? Goods or Services? Slide 16 BBI 2O Unit 1 Businesses either sell goods (physical things you take home) or provide services (do something) in exchange for money. Some do both. What is a Business? Goods or Services? Businesses that sell G IVE goods Businesses that provide services Businesses that do both. ME Slide 17 BBI 2O Unit 1 5 What is a Business? Distribution How are goods & services delivered? – Bricks and mortar business, telemarketing, catalogue, virtual store (internet) Slide 18 BBI 2O Unit 1 Examples? What is a Business? Role in the Community What does the business do for the community? Slide 19 BBI 2O Unit 1 What is a Business? Jobs What type of jobs does it provide? Slide 20 BBI 2O Unit 1 What is a Business? HOMEWORK • read pages 6-9 • questions: page 10 #3, 4 • read pages 10-14 Slide 21 BBI 2O Unit 1 The Role of the Consumer Role of the Consumer Producers manufacture goods for consumers. Companies that attract more consumers can make more sales and more profit. Slide 23 BBI 2O Unit 1 Role of the Consumer The interaction between producer and consumer creates the marketplace. PRODUCER Slide 24 BBI 2O Unit 1 CONSUMER MARKETPLACE Role of the Consumer Years ago, business dictated what was produced, and in what quantities. Eventually, consumers started to tell manufacturers their needs and wants, creating competition. Slide 25 BBI 2O Unit 1 Role of Consumer Name some new trends and related products on the market. Slide 26 BBI 2O Unit 1 Role of the Consumer Consider High-Definition TV trends: RIM (Blackberry) vs. Apple (iPhone) Who will decide which technology will win? Slide 27 BBI 2O Unit 1 Role of the Consumer Consumers also decide when a product will no longer be produced. When no one wants a product anymore, it becomes obsolete. Slide 28 BBI 2O Unit 1 What are some things you know of that have become obsolete? Role of the Consumer Consumers also influence price. Companies used to have pricing power (could charge what they want), but with competition consumers can shop around for the best deal. Slide 29 BBI 2O Unit 1 Role of the Consumer Consumers also have consumer purchasing power—as customers they dictate how much they are willing to pay, but also the level of service. Slide 30 BBI 2O Unit 1 Role of the Consumer HOMEWORK • Questions: page 14, q #5, 6, 7 • Read pages 15-19 Slide 31 BBI 2O Unit 1 Starting a Business Starting a Business People who start their own businesses are called entrepreneurs. Slide 33 BBI 2O Unit 1 Starting a Business Slide 34 BBI 2O Unit 1 Entrepreneurs need: • self-confidence • a flair for innovation • the ability to work alone • an aptitude for managing others Starting a Business Consumer Needs and Wants Sometimes a business is started to satisfy consumer needs. Needs are things that are necessary for survival. Slide 35 BBI 2O Unit 1 You need food, clothing. Starting a Business Consumer Needs and Wants Wants are things that are not necessary for survival, but add comfort and pleasure to our lives. Slide 36 BBI 2O Unit 1 You want a burger, A&F shirt. Starting a Business Attracting Consumer Interest It is important to understand how consumers make buying decisions. This will help decide what to make, how to market and distribute the product. Slide 37 BBI 2O Unit 1 Starting a Business Attracting Consumer Interest Businesses need to listen to what the consumer wants. The challenge is then to get those customers to buy your product. Slide 38 BBI 2O Unit 1 Starting a Business Attracting Consumer Interest BRAINSTORM Slide 39 BBI 2O Unit 1 What can companies do to attract more customers? Starting a Business Attracting Consumer Interest Sample answers: Slide 40 BBI 2O Unit 1 • • • • • • • • create a new product modify an existing product more heavily promote a product offer purchase incentives (coupons) convince consumers they need (want) the product develop different uses for product offer free samples in-store demonstrations Starting a Business Attracting Consumer Interest Slide 41 BBI 2O Unit 1 The task is to come up with a product the consumer needs or wants, at a price they’re willing to pay, in a place that is convenient, and promote it so they know about it. Starting a Business HOMEWORK Slide 42 BBI 2O Unit 1 • complete worksheets C & E for tomorrow • start working on Entrepreneur assignment • read pages 20-22 BELL WORK “Being in business means making decisions all the time, every day.” WRITE DOWN DON’T WRITE Slide 43 BBI 2O Unit 1 G IVE ME 5 With a partner, pick a business. Write down five decisions that a business needs to make in an average day. (5 minutes) Homework Check • Hand in worksheet C & E • Reminder: “Do You Have What it Takes to Be an Entrepreneur” activity due tomorrow in class Slide 44 BBI 2O Unit 1 Making Good Business Decisions Making Good Bus. Decisions The five-step decision-making model can be used to help in any business situation. Slide 46 BBI 2O Unit 1 (as we go through this note, refer to example in textbook, pages 2022) Consider this: Cambridge Stick Inc. makes hockey and ringette sticks. Cambridge Stick is a major sponsor of the ringette national championships which are being held in Cambridge and demand for their sticks has sky-rocketed - so much that it cannot keep up with demand. Slide 47 BBI 2O Unit 1 Making Good Bus. Decisions 1. Determine what decision has to be made. What is the problem? What issue needs to be resolved? Slide 48 BBI 2O Unit 1 Making Good Bus. Decisions 2. Identify the alternatives. Brainstorm as many solutions to the problem as possible. Slide 49 BBI 2O Unit 1 Making Good Bus. Decisions 3. Evaluate the advantages and disadvantages of each. What are the pros and cons of each option? Slide 50 BBI 2O Unit 1 Making Good Bus. Decisions 4. Make a decision and take action. Choose the best alternative, and go with it. Slide 51 BBI 2O Unit 1 Making Good Bus. Decisions Slide 52 BBI 2O Unit 1 5. Evaluate the decision. After some time, review the decision. Was it the best choice? Would you do something differently or considered something else next time? Making Good Bus. Decisions Slide 53 BBI 2O Unit 1 1. Determine what decision has to be made. 2. Identify the alternatives. 3. Evaluate the advantages and disadvantages of each. 4. Make a decision and take action. 5. Evaluate the decision. Making Good Bus. Decisions HOMEWORK Slide 54 BBI 2O Unit 1 • Finish Entrepreneurial assignment • Pick a significant decision you made/need to make, apply the decision-making process • Question: page 22, #13 • Apply Q #13 to your decision BELL WORK Slide 55 BBI 2O Unit 1 Think of that big bag of potato chips you are going to have after this class. What are ALL of the things that went into making that bag of chips? [And I do mean ALL!] List one under the other. (on your own, 5 minutes) Economic Resources Economic Resources Economic resources, or factors of production are how products are made available to consumers. Slide 57 BBI 2O Unit 1 Economic Resources Slide 58 BBI 2O Unit 1 Natural Resources - Materials that come from the earth, water, or air - Most are non-renewable (oil), or take a long time to renew (trees) - Businesses are limited Economic Resources Slide 59 BBI 2O Unit 1 Human Resources - Also called labour, “HR” - The people who are involved in the production of the product - Most businesses have an HR department Economic Resources Slide 60 BBI 2O Unit 1 Capital Resources - The buildings, equipment, vehicles, factories used - Usually last a long time, require large initial investment - Money is considered capital too! Economic Resources Interdependence - Almost all companies have some dependence on other companies - Works on many levels Slide 61 BBI 2O Unit 1 You get the Cambridge Times–what are all the things you depend on to get that newspaper? Classify each. Economic Resources Slide 62 BBI 2O Unit 1 Economic Systems - A way to deal with the selection, production, distribution and consumption of products - Gov’t and business work together - Try to make best use of resources, develop alternatives Economic Resources TASK Slide 63 BBI 2O Unit 1 Go back to the list you generated during bell work. Identify each item as either a natural resource, human resource, or capital resource. Submit to teacher. Economic Resources HOMEWORK Slide 64 BBI 2O Unit 1 • Questions: page 28, q #15, 16 • Read pages 28-32 → pay special attention to the two tables • CHAPTER 1 FORMATIVE QUIZ Friday (F.I.T.B.) Demand, Supply, and Price Demand, Supply, and Price Demand is quantity consumers are willing/able to buy at a particular price. Generally: lower price = greater demand Slide 66 BBI 2O Unit 1 Called the law of demand. Demand, Supply, and Price The Demand Curve High prices → Demand is low Price Slide Low prices → Demand is high 67 BBI 2O Unit 1 Quantity Demand, Supply, and Price Demand is created by: • Consumer awareness/interest • Ample supply • Reasonable/competitive price • Easy access Slide 68 BBI 2O Unit 1 Demand, Supply, and Price Factors that Affect Demand Leave 8-10 blank lines to summarize table 1.2 (page 29) Slide 69 BBI 2O Unit 1 Demand, Supply, and Price Supply is the quantity that business is willing to provide for a range of prices people are willing to pay. Generally, Higher price = higher supply Slide 70 BBI 2O Unit 1 Called the law of supply. Demand, Supply, and Price The Supply Curve High prices → Supply is high Price Low prices → Supply is low Slide 71 BBI 2O Unit 1 Quantity Demand, Supply, and Price Supply is created by a company’s desire to satisfy consumers’ needs and wants for a price. Sometimes, a business will try to create demand for a product through marketing it well. Slide 72 BBI 2O Unit 1 Demand, Supply, and Price Factors that Affect Supply Leave 8-10 blank lines to summarize table 1.3 (page 31) Slide 73 BBI 2O Unit 1 Demand, Supply, and Price Price is determined by many factors, including demand and supply. Another important factor is cost of production. Slide 74 BBI 2O Unit 1 Demand, Supply, and Price HOMEWORK Slide 75 BBI 2O Unit 1 • Summarize tables into notes • Questions: page 32, q #18, 21 • Chapter Review questions: page 33, q #1, 4, 5, 6, 7, 8, 12 • CHAPTER 1 FORMATIVE F.I.T.B. QUIZ FRIDAY BELL WORK Slide 76 BBI 2O Unit 1 In your groups, speculate about the types of decisions business people must make before opening a business. Record your ideas so that you can compare them with your answers to the questions you will complete at the end of this chapter. (10 minutes) UNIT 1: Business Fundamentals Chapter 2: Types of Businesses Forms of Business Ownership Forms of Bus. Ownership Slide 79 BBI 2O Unit 1 Who is your boss? Who is your boss’s boss? Can you become part owner? Forms of business ownership and type of business help describe how the business is organized and run. Forms of Bus. Ownership Sole Proprietorship Slide 80 BBI 2O Unit 1 • Owned by one person, who performs most roles and owns everything • Owner gets all profits, takes all the losses → called unlimited liability Forms of Bus. Ownership Sole Proprietorship • Easiest and least expensive to set up • Easiest for tax purposes → income recorded under personal income Slide 81 BBI 2O Unit 1 Forms of Bus. Ownership Partnerships • Two or more individuals share costs and responsibilities • Terms of partnership recorded in partnership agreement Slide 82 BBI 2O Unit 1 Forms of Bus. Ownership Partnerships • Main advantage is working relationship between partners, usually they have complementary talents Slide 83 BBI 2O Unit 1 Forms of Bus. Ownership Partnerships Slide 84 BBI 2O Unit 1 General partnership • All partners have unlimited liability (can be held responsible for the other partner’s business related debts) Forms of Bus. Ownership Partnerships Limited partnership • Partners have limited liability (only responsible for their share) Slide 85 BBI 2O Unit 1 Forms of Bus. Ownership Corporations Slide 86 BBI 2O Unit 1 • Business with a legal status • Can be as small as one person, or multinational • Some owned by individuals, families, small groups Forms of Bus. Ownership Corporations Slide 87 BBI 2O Unit 1 • Ownership often broken into small units, shares, which are sold through a stock exchange (ie. TSX) → a publicly traded corporation • Those who buy: shareholders Forms of Bus. Ownership Corporations Slide 88 BBI 2O Unit 1 • Since there are many owners, a board of directors runs corp. • Shareholders have limited liability, not responsible for debts • Get profits as dividends Forms of Bus. Ownership Corporations Private Corporation • Only a few people control stock • Not publicly traded Slide 89 BBI 2O Unit 1 Forms of Bus. Ownership Corporations Slide 90 BBI 2O Unit 1 Public Corporation • Sell shares to raise money • 1 share = 1 vote; those with most shares influence company decisions (usually orig. owner, execs) Forms of Bus. Ownership Corporations Slide 91 BBI 2O Unit 1 Crown Corporation • Business owned by the federal or provincial government Federal: VIA Rail, CBC Provincial: LCBO Forms of Bus. Ownership Co-operatives Slide 92 BBI 2O Unit 1 • business owned by workers/those who use it • Run by board of dirs. • Each member only gets 1 vote • Profits shared based on use Forms of Bus. Ownership Franchises Slide 93 BBI 2O Unit 1 • A franchiser licenses the rights to the business to a franchisee for a fee • Franchisee runs business according to agreement Examples: Subway, Quiznos Forms of Bus. Ownership Franchises • Franchisee also pays monthly fee, has to purchase product through franchiser, sometimes gets trained by franchiser, has to maintain uniform quality Slide 94 BBI 2O Unit 1 Forms of Bus. Ownership HOMEWORK • Chapter Review questions: page 33, q #1, 4, 5, 6, 7, 8, 12 • CHAPTER 1 FORMATIVE QUIZ TOMORROW Slide 95 BBI 2O Unit 1 Going into Business Going into Business (Skip this section in the textbook) Slide 97 BBI 2O Unit 1 International Business Structures Int’l Business Structures There are various business structures for companies looking to expand their business outside of Canada’s borders. Slide 99 BBI 2O Unit 1 Int’l Business Structures Joint Ventures Two businesses combine skills/abilities to benefit both parties. Slide 100 BBI 2O Unit 1 Int’l Business Structures International Franchises A company licenses itself to business in another country to start business in that country. Slide 101 BBI 2O Unit 1 Int’l Business Structures Strategic Alliances Agreements between businesses where each business commits resources to achieve a common objective. Slide 102 BBI 2O Unit 1 Int’l Business Structures Mergers Two or more companies join together to form one to create greater benefit (sometimes called a takeover, especially if met with resistance). Slide 103 BBI 2O Unit 1 Int’l Business Structures Offshoring Relocating some of the company’s resources to another country, usually to reduce operating costs and expenses. Slide 104 BBI 2O Unit 1 Int’l Business Structures Multinational Corporations A company that does business in several different countries. Slide 105 BBI 2O Unit 1 Int’l Business Structures HOMEWORK • Questions: pg 68, q #18, 20, 21 • Chapter Review: pg 69, q #2, 3, 5, 14 Slide 106 BBI 2O Unit 1 UNIT 1: Business Fundamentals Chapter 3: Business Ethics & Social Responsibility Bus. Ethics & Soc. Resp. In your small groups: • Read “Kicking Horse Coffee Co.”, page 73-74. • Answer questions 1 and 2 Slide 108 BBI 2O Unit 1 Bus. Ethics & Soc. Resp. What is ethical behaviour? Slide 109 BBI 2O Unit 1 • Acting in a way that conforms to social standards about what is right and good • Our values tell us what we think is important, morals are rules of what is good and bad Bus. Ethics & Soc. Resp. What role should ethics play in business? Society’s ethics Slide 110 BBI 2O Unit 1 Individual’s ethics Business’s ethics Bus. Ethics & Soc. Resp. What role should ethics play in business? • Many companies develop a code of ethics explaining how employees respond to different situations Slide 111 BBI 2O Unit 1 Tylenol, Chicago, 1982 Bus. Ethics & Soc. Resp. How can businesses resolve ethical dilemmas? • An ethical dilemma is a moral problem with potential right or wrong answers Slide 112 BBI 2O Unit 1 Values and morals? OR Profitability and competitiveness? Bus. Ethics & Soc. Resp. How can businesses resolve ethical dilemmas? Slide 113 BBI 2O Unit 1 • Some dilemmas: downsizing, pollution, toxic waste disposal, resource depletion, laws, employee rights, product safety, workplace safety… Bus. Ethics & Soc. Resp. How can businesses resolve ethical dilemmas? Questions to ask to help resolve: 1. Who will be helped? 2. Who will be hurt? Slide 114 BBI 2O Unit 1 Bus. Ethics & Soc. Resp. How can businesses resolve ethical dilemmas? Slide 115 BBI 2O Unit 1 Questions to ask to help resolve: 3. What are the benefits/ problems with this decision? 4. Will the decision survive the test of time? Bus. Ethics & Soc. Resp. How can businesses resolve ethical dilemmas? • Whistleblowing: an employee informing officials or public about a legal/ethical violation Slide 116 BBI 2O Unit 1 • False financial practices, ignoring safety & health codes Int’l Business Structures HOMEWORK • Questions: pg 68, q #18, 20, 21 • Chapter Review: pg 69, q #2, 3, 5, 14 • Study for test Tuesday Slide 117 BBI 2O Unit 1 Bus. Ethics & Soc. Resp. Fraud • List 9 types of fraud into your notes Unethical Behaviour Slide 118 BBI 2O Unit 1 • Copy table 3.1 left column into your notes Bus. Ethics & Soc. Resp. Accounting Scandals • Embezzlement: accountant or senior executives create phony accounts and direct money to themselves Slide 119 BBI 2O Unit 1 Bus. Ethics & Soc. Resp. Insider Trading Slide 120 BBI 2O Unit 1 • Using information unavailable to the public for your own financial gain in the stock market • Investigated by securities commission Ethics & Corporate Social Responsibility Ethics and C.S.R. - CSR exhibited through values, ethics, contributions to community Slide 122 BBI 2O Unit 1 Ethics and C.S.R. Providing a safe and healthy work environment Adopting fair labour policies Protecting the environment CSR Principles Slide 123 BBI 2O Unit 1 Being truthful in advertising Avoiding price discrimination Donating to charity Ethics and C.S.R. Duty to report Slide 124 BBI 2O Unit 1 • Corporations must disclose all important information to shareholders, business partners, lenders, insurers, communities, regulators, consumers, employees, and investigators Ethics and C.S.R. Laws that Govern Corporate Ethics There are laws that govern how a business can interact with others. Slide 125 BBI 2O Unit 1 Ethics and C.S.R. Slide 126 BBI 2O Unit 1 1. Workplace Safety In Ontario, the Occupational Health and Safety Act (OHSA) was instituted to ensure workplace safety and health. → defines rights and responsibilities of workers Ethics and C.S.R. Slide 127 BBI 2O Unit 1 1. Workplace Safety Workers have the right: • to refuse unsafe work; • to participate in H&S activities; and • to know about the hazards of their workplace. Ethics and C.S.R. Slide 128 BBI 2O Unit 1 2. Antidiscrimination Issues Gender discrimination is less of an issue. However, some companies still discriminate. Women or disabled workers face a glass ceiling (invisible barrier to promotions). Ethics and C.S.R. 3. Harassment Refers to behaviour that is threatening, disturbing, or unacceptable. Businesses must protect employees from this. Slide 129 BBI 2O Unit 1 Ethics and C.S.R. Slide 130 BBI 2O Unit 1 4. Accessibility Issues Businesses have a duty to accommodate workers to eliminate discrimination (it’s in the Canadian Human Rights Act). Help must be provided to disabled employees. Ethics and C.S.R. 5. Environmental Responsibility Because of several large disasters in the 1980s and 1990s, Canada introduced the Canadian Environmental Protection Act in 1999. Slide 131 BBI 2O Unit 1 Ethics and C.S.R. 5. Environmental Responsibility Some companies still don’t comply—for some it is more costly to comply than it is to pay the fines. Slide 132 BBI 2O Unit 1 Ethics & Soc. Resp. Slide 133 BBI 2O Unit 1 6. Labour Practices In Ontario, the Employment Standards Act establishes conditions for employment. → hours of work, overtime pay, minimum wage, holidays, benefits, leaves, termination Ethics and C.S.R. Fair Trade Slide 134 BBI 2O Unit 1 A “voluntary” ethical behaviour. Fair trade is the practice of helping producers in developing countries bypass expensive middlemen so they can sell their goods for a fair profit. UNIT 1: Business Fundamentals Chapter 4: International Business What is International Business? What is Int’l Business? A domestic transaction is the selling of items produced in the same country. Slide 137 BBI 2O Unit 1 An international transaction is the selling of items produced in other countries. What is Int’l Business? These transactions are referred to as foreign trade. Foreign trade contribues to the global economy. International trade offers many benefits to businesses. Slide 138 BBI 2O Unit 1 What is Int’l Business? Benefits Slide 139 BBI 2O Unit 1 Access to Markets • Canada: 32 million • World: 6.5 billion Easy for global product producers, may be more difficult for producers of other products. What is Int’l Business? Benefits Cheaper Labour • Standard of living and cost of living lower in many other countries, therefore lower wages Slide 140 BBI 2O Unit 1 What is Int’l Business? Benefits Increased Quality of Goods • Search the world for parts to create the best possible products for customers Slide 141 BBI 2O Unit 1 What is Int’l Business? Benefits Increased Quantity • An increase in sales may mean greater production, efficiency, higher employment, expansion of business Slide 142 BBI 2O Unit 1 What is Int’l Business? Benefits Access to Resources • Find materials to build products from around the world Slide 143 BBI 2O Unit 1 What is Int’l Business? The Five Ps of Int’l Business Slide 144 BBI 2O Unit 1 • Product • Price • Proximity • Preference • Promotion What is Int’l Business? Costs of Int’l Trade • Offshore outsourcing • Human rights issues and labour abuses • Environmental degradation Slide 145 BBI 2O Unit 1 What is Int’l Business? Barriers to Int’l Business Slide 146 BBI 2O Unit 1 • Tariffs / custom duties • Non-tariff barriers (prod. ban) • Cost of importing/exporting • Excise taxes • Currency fluctuations BRAINSTORM Slide 147 BBI 2O Unit 1 What are all the things that you would serve at Christmas / Easter dinner? List items. Categorize items as: • made in Canada • made in Canada using imported ingredients • imported from another country Flow of Goods & Services Flow of Goods & Services Balance of Trade Relationship between imports and exports Slide 149 BBI 2O Unit 1 imports > exports = trade deficit exports > imports = trade surplus Flow of Goods & Services Importing: buying & shipping something from a foreign country Exporting: selling & shipping something to a foreign country Slide 150 BBI 2O Unit 1 Ideally, export > import… Why? Canada’s Major Trading Partners $280B $258B $369B $370B $11.6B $11.2B $11.8B $10.5B $11.3B $9.1B $14.2B $9.7B $25.3B $19B Slide 151 BBI 2O Unit 1 $29B $35.3B 2005 Figures, taken from the Statistics Canada website Flow of Goods & Services HOMEWORK Questions: page 127, #6, 8, 10-12 Questions: page 133, #13, 14 Slide 152 BBI 2O Unit 1 Canada and Int’l Trade Agreements Canada & Int’l Trade Agr. • World Trade Organization (WTO) • North American Free Trade Agreement (NAFTA) • Group of Eight (G8) • European Union (EU) Slide 154 BBI 2O Unit 1 Canada & Int’l Trade Agr. Slide 155 BBI 2O Unit 1 Canada & Int’l Trade Agr. Slide 156 BBI 2O Unit 1 Canada & Int’l Trade Agr. Slide 157 BBI 2O Unit 1