TVO ILC
BBI2O Lesson 5
Assessment of Learning Template
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?
Extra virgin ollive oil is need and a want. It is a want becuase it is full of
monounsaturated fats that are good for heart health and there is people who want to
eat healthy. It is a need for elederly people because unlike other oils like vegteble oil it
has associations with a lower risk of heart disease.
2. What impacts the demand for olive oil and what impacts the supply?
What impacts demand and supply for olive oil is price factors and non-price factors.
Examples of price factors and non-price factors for demand
Price factors: Price sensitivity, Price positioning, Price of related or Substitute Goods
Non-Price Factors: Advertising and Promotion, Fads and Trends, Presonal and Household income
Examples of price factors and non-price factors for supply
Price Factors: Improved Procedures, Keeping or creating a Market, Increasing overall company sales
Non-Price Factors: Shortage of essential supplies from other suppliers, Capacity
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.
The most sutible business ownership for me would be a franchise partnership. It is best becuase with a franchise, everything is already set up so theres less work for me to do which I am not prepared for. I also want it to be a partnership because I work well with
people and they say "many hands make light work". Also, if a calamity happens I have someone to share the burdens. A franchise partnership will alow me to work with my sister and have a successful business. If I start a franchise with my sister I am shore will
will work good together because what am weak at she is good at what she is weak at I am good at. For example I am not the best with finance and accounting so she will pick the buisness up from there. Making contacts is a important part of business and that is
where I come in. It would be easy for me to import my olive oil to Canada.
Pros of a franchise: Proven success; less risk, Successful formula for set-up and operations, I am my own boss
Cons of a franchise: Costly start-up; not much autonomy/freedom, Fees paid by franchisee to the franchisor, Marketing/Advertising Fees
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.
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TVO ILC
BBI2O Lesson 5
Assessment of Learning Template
1. Identify three strategies you will use in your business that demonstrate sound social
responsibility.
1. One stategie I will use is Invest in social and environmental initiatives. Companies can support local and national organizations by donating directly or holding events in
honor of the cause. I can also use my voice to help educate my audience on the issue and ways they can help.
2. The next strategie I will use in my business that demonstrates sound social responsibility is volunteerity this is a good strategie because not only does it build camaraderie
within my franchise, it also spreads my company’s visibility among the supporters of the charity.
3. The last strategie I will use is practicing ethical labour To ensure that I attract the best talent and maintain high morale, find opportunities to improve brand confidence. Offer
competitive perks, provide a comfortable workspace, and look for ways to engage employees.
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.
1.Cheap labour meaning Items can sell for less, increasing profit.
2. A next advantage of international trade is that you may have an outlet to dispose of surplus goods that you're unable to sell in
your home market.
2. Identify two challenges to international trade and how they affect your particular
business.
1. Currency values: The challenge is that currency exchange rates (what one country’s currency is worth in relation to another) can’t be predicted! Yet, importers are significantly impacted by both currency differences and currency fluctuations. When I am
importing my olive oil from a country where the currency is difrent than canada it could be a big problem coverting the currency.
2. Transportation: The challenge with transportation is safety, time, convience, cost.
Transportaion can be very risky becuase if I make a order of olive oil from spain I am in Canada, my order has to go come over from spain and that can cost shipping. Somthing else that can happen is I can make an order when I am about to run out of supplies.
If the order takes to long this could put me and my buisness in a bad posiotion.
3. What possible trade agreements will affect you?
A trade afgreement that will effect me is CETA. CETA is a trade agreement between Canada and EU nations. It enables Canadian businesses to trade with each EU nation, promoting an increase in trade to the benefit of all countries involved. Some of the
benifits of CETA are the following:
-lowers prices and widens choice for Canadian and European consumers.
-reduces or eliminates customs duties for exporters and importers.
-makes it easier for Canadian firms to sell services in Europe
CETA will affect my olive oil business in a very good way. Spain, Greece, and Italy are all apart of this trade agreement so importing my olive oil from any off those countries will not be a problem. CETA lessens my work load immensely and will contribute to the
success of my olive oil business.
4. Identify three possible countries you can do business with.
The three possible countries I can do business with is Greece, Italy, and Spain.
Option one is Spain because it has been producing quality olive oil for years. With a record of 1,059,194 tons of olive oil being produced from 1994 to 2013. The combination of its ideal climate and location makes it the best country for cultivating mouthwatering
olives. My second option is Greece because it has been recorded to use up to 60% of its land to produce our favourite culinary oil. With over 2,800 olive oil mills countrywide. Lastly I can do business with Italy. Italy is known to produce the second-largest amount
of olive oil.
Olive Oil Production by Country - Top 10 Country List. Expat Explore. (2021, May 18). https://expatexplore.com/blog/olive-oil-production-top-countries/.
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 (25.6 % of EU exports to Canada and 24.3 % of its imports)
Chemical and pharmaceutical products (16.2 % of EU exports and 9.1 % of its imports)
transport equipment (15.6 % of EU exports and 7.0 % of its imports)
European Cmmission Directorate-General for Trade. Canada - Trade - European Commission. (n.d.). https://ec.europa.eu/trade/policy/countries-and-regions/countries/canada/.
European Union exports of articles of iron or steel to Canada. European Union exports of articles of iron or steel to Canada - 2000-2020 Data | 2021 Forecast. (n.d.). https://tradingeconomics.com/european-union/exports/canada/articles-iron-steel.
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.
Products that are exported between Canada and the EU are transport, travel, insurance and communication services.
The EU is Canada's second-biggest trading partner after the United States, accounting for 10 % of its trade in goods with the world in 2018.European Union exports of articles of iron or steel to Canada.
Trade in services between the two parties amounted to €34.9 billion in 2017.
European Union exports of articles of iron or steel to Canada - 2000-2020 Data | 2021 Forecast. (n.d.). https://tradingeconomics.com/european-union/exports/canada/articles-iron-steel.
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