Abstract
Introduction
The thing through which a country gets appreciation is its core expertise and appreciation in the economic function, because the economic functions usually have the tradeoff of two important things known as earning and consumption. In fact the father of economics, Alfred Marshal and Adam Smith found the same tradeoff in the market for their economic consequences particularly. This is an important aspect that delivers the best services in town for the country in all over the world (Gaisford & Kerr, 2001).
The concept of economics is an important one for the countries and economies from all over the world that usually bifurcated into two dominating and broad sections known as Microeconomics and Macroeconomics. Microeconomics is that part of economics that usually deal with the economic function of the individuals, while macroeconomics is all about analyzing the macroeconomic factors in an effective manner. Macroeconomics is a brand of the economics of a country as a whole. Both of these types of economics are essential and effective for the sake of an economy, and no economy can get an upper hand over the other economy without having traditional and effective functionality in the economic consequences (Gaisford, Kerr & Perdikis, 2003).
Regulations are one of the important elements predominantly found in the macroeconomic section of the world, and most of the countries are experiencing the same thing with positive attitude and aspects particularly. Canadian Region is one of the most effective regions of the world because of their astounding economic consequences and earning capabilities. It is also referred as the wealthiest country of the world in terms of Purchasing Power Parity (PPP) and GDP Per Capita (Gaisford, Kerr & Perdikis, 2003). There are certain regulations that imposed on the agriculture sector of Canada, and in this term paper the cost and benefit analysis of these regulations would have been analyzed by focusing on the agriculture sector of Canada.
Analysis & Findings
Canada is one of the largest countries of the world in terms of area. It is one of those countries of the world in which the level of tourism and migration is extremely high and mobilize, and lots of people across the globe are now focusing on this particular section to have their effectiveness in this particular region of the world.
In terms of economic consequences, Canada has the eleventh largest Gross Domestic Product of the world and the 14th largest in terms of Purchasing Power Parity (PPP). Canada is in the list of the most famous and wealthiest countries of the world, and it is currently a member of the Organization for Economic Co-Operation and Development (OECD) authority and a member of Group-7 (G-7) largest economies of the world. Canada has a perfect and high profile manufacturing and oil sector of the world which are giving extra boost to the economic function of this particular economy (Gaisford, Maevskiĭ & Kerr, 2007). It is also a perfect country in terms of software development and technological aspects. The estimated GDP of the country in the financial year 2013 were US$ 1.825 trillion with per capita income of US$ 51,989 in the same year.
The unemployment rate in the country is currently lies on the level of 6.5%, which get a lower end after the current economic crisis. The labor force working in the Canadian region are getting immense effectiveness and appreciation in the market, and the agriculture sector has 2% of labor force associated with it, while manufacturing sector has the highest amount of workforce proportion with a major proportion of 13% in particular. The country has some strict rules and regulations in terms of managing their labor force in an effective and organized manner particularly, with high amount of trade recognition in the market with core effectiveness (Gaisford, Maevskiĭ & Kerr, 2007).
Agricultural Industry Analysis of Canada
Though there are number of industries are currently working and operating in the Canadian region, and all of the industries are getting a great time while their existence in the country and among them there is a unit with the name of Agriculture industry as well. Canada, which getting immense effectiveness through their manufacturing sector is also getting an upper hand with the agriculture industry as well with a positive attitude and effectiveness in the market (Gaisford, Maevskiĭ & Kerr, 2007).
The department of Agriculture and Agri-Food is the department specifically comes under the core jurisdiction of the Government of Canada with the responsibility for the policies governing, farming income, agriculture production, inspect and the research and development stance in the same channel. It is also a regulatory authority found in the agriculture and plant market. Though agriculture sector is not a dominating sector for the Canadian economy, but still the country is very pleased and confident to enhance its major services to enhance their economic capability in the market with positive attitude and effectiveness. Agriculture Industry throughout the world is very famous and it is usually famous in the Asian economies in particular (Russell, 2012).
In the Canadian region, the weather climate is very cold that will increases the stance of the growth potential of farming and agriculture in an effective manner. Agriculture industry is currently in the booming stage in the Canadian region, which has the tendency to enhance its core economic consequences and stance in the near region. The government of the Canadian region is very sincere with their economy, and the government always tries to provide such benefits to their citizens as well as the economies from which they can enhance their core effectiveness in the market with a positive attitude. According to estimation, it is found that Canadian agriculture sector is one of those sectors of the region that was not affected much from the current economic crisis. The current economic crisis created lots of issues and problems for different industries of the Canadian region, and it was not in the effective range for the Canadian region in particular as well. There are certain regulations and acts that specifically associated with the Agriculture Industry of the country like (Russell, 2012)
- Agriculture Product Marketing Act
- Canadian Agricultural Loan Act
- Farm Income Protection Act and others
Apart from that, there are some other regulations and acts as well that specifically counts in the same ambit as far as enhancing the economic consequences of this particular industry is concerned (Skogstad, 2008). These regulations along with some other regulations are providing cost benefit advantages to the farmers and for the workers as well which are currently working in this particular region. It will be equally beneficial for the country and their agriculturists to form and establish new strategies from which they can further enhance their core capabilities of the market in an effective and organized manner particularly.
The Cost-Benefit Analysis of Agriculture Product Marketing Act Canada
One of the major driving forces that associated specifically with a company or industry is their tendency to market or promote their products in the market. It is essential for an economy or for an industry to market their products in such a manner that it will enhance their core productivity in a positive and effective manner (Skogstad, 2008).
The stance of marketing is equally applied on the agriculture sector as well in the Canadian region. Likewise other sectors and industries, there is a need of marketing of this sector as well. However, the level of marketing and the utilization of different tools are totally different in this particular market, but still it has a great determination in the market. It is always referred and restricted to the companies to not to promote their products in such a manner that it will break their confidence and create problems and issues for them in the market (Skogstad, 2008). Agricultural Products are very specific in the region, and Canadian government allows their farmers to market their products in the market with a positive manner and core effectiveness. There are certain regulations that specifically associated with the Product Marketing of the agriculture in the Canadian region in particular. The cost benefit analysis is showing a perfect tradeoff among the marketing and buying/selling of such products (Skogstad, 2011).
As per the act of Product Marketing, no sector in the industry is allowed by market their products on door to door. Instead, they are allowed to make specific websites or face-book pages on which they can upload the pictures of their products that can be seen by the people and contact them directly. The act restricted the sector to promote their products through the television advertisement however they can promote their products through the paper medium channels. Most of the times, the real buyers of the agricultural products in a country is the government, and the same thing can be applied over the Canadian economy as well, in which the largest buyer of the product is the Government of Canada or the Export Department of Canada, that will buy the products from the sector and then exported it in different parts of the world. The act is a perfect one as far as enhancing the productivity of this section, and impulsive buying from the government will also increases the level of effectiveness of the country in an effective and organized manner (Wiebe, Desmarais & Wittman, 2011). The export orientation of the country will also enhance in the near future with the help of complying with the standards presented by the Canadian Government for their core effectiveness in the market. Recently, the country launched agriculture bi-lateral trade with the United States (US) in which both of the countries will be in regular touch as far as exchanging the products of their country (predominantly agricultural products). It will certainly boost up the moral and economic consequences of both of the countries in a well organized and perfect manner in the near future to make them effective in the market. From this part, it can be said that the level of benefits associated with this particular regulation is higher than its actual cost, which will be equally beneficial for the country in the near future.
The Cost-Benefit Analysis of Agriculture Loan Act Canada
Loan and borrowings are some of the essential or the sake of an economy and no economy can enhance their productivity without having loan benefits in the market. Every sector of an economy is obliged to have the loan facility in different parts of the world and it is equally applied on the Canadian region as well. One of the basic mediums of loan granting and accumulation is the financial institutions who have the tendency to flourishes their growth and effectiveness in the core market. The economies in which the stance of borrowing or loan is high are the most productive economies of the world. During the current economic crisis, one of the major problems that arise in the section was the arrival of problems with the countries or economies in which the private sectors and important sectors were being unable to take high amount of loans from the market (Agr.gc.ca, 2013).
It is consensus that 2% of the workforce of Canada is currently working with the agricultural sector of the economy which is creating effectiveness for them in their future consequences. Most of the workforces of the company are lower income potential and having ineffectiveness in the market particularly (Agr.gc.ca, 2013). Therefore the Canadian Government initiated a stance or act through which the farmers will get the loans on easy terms of conditions. Apart from that, the prevailing interest rates specifically related to farmer or agriculture sector is comparatively lower than the actual interest rates which have been given to other sectors of the economy.
The government of Canada is very generous in providing high amount of subsidiary and quota to the farmers to maintain the economies of scale. Apart from that, the general terms of getting loans from the financial institutions are very easy and quickly process. The government of Canada gives specific instruction to the financial institutions of the country to present their core effectiveness in the market in the right manner, in order to bring effectiveness in the market for a positive node. Due to this particular act, the probability of being default for the farmers is very low, because they also have the ease to return the money as they are getting. Though, this thing cost a lot for the Canadian economy, but the country cannot put forward this sector that employs 2% of their total labor force on the stake. This particular developed sector of Canada is currently proportion ting with high tax net which is a positive sign for the country. Hence, in terms of cost-benefit analysis, benefit also surpasses from the direct cost of this particular stance in an effective and organized manner particularly.
The Cost-Benefit Analysis of Farmer’s Income Protection Act Canada
The Government of every country of the world is held responsible for protecting their investors as well as the citizens. In fact it is the prior duty of a government to accomplish the same in an effective and organized manner particularly. Likewise other countries, wherein the government is powerful in terms of protecting the rights of their citizens, Canadian government is also empower to protect all of their citizens and their core rights in an effective and organized manner.
Farmers are some of the most important professionals for the same of an economy, in fact no economy can sustain in the world without having effective farmers and growing agricultural sector in it (Agr.gc.ca, 2013). Protection right and act is an important act commenced by the Government of Canada to give extra benefits and confidence of the Agricultural Sector. It means all of the earnings of this sector are extremely safe and sound, and they have no problem as far as utilize them. The government pledged all the money and area of the farmers. The probability of Tornado and other natural disasters are common in the area of Canada; therefore farmers here should required extensive amount of protection from the government that will protect their farms and things. The government of Canada pledged all the things of the farmers through the Income Protection act of the famers to give them extra boost and effectiveness as far as sustaining in the market with a positive node. The economy will experience a perfect growth in the market for their core effectiveness to surrender the things in an effective manner. With the help of this particular strategy, the economy will also get appreciation in the market for their core behavior and effectiveness in an effective manner. In terms of cost benefit analysis, this particular act will certainly cost a lot to the government of Canada, as the probability of Natural Disasters in the country is high, but the relevant amount of benefits would be on a higher scale in particular for the market. It will certainly help out the economy to enhance their core productivity of farming in the Canadian region in the near future.
Conclusion
Regulations and acts are some of the dominating things that associated with an organization as well as for an economy. Regulations give a specific way to the companies or the industries to be in the limit and not to cross the roads for their effectiveness, as it may hurt their future consequences. The essences of regulations are very high and sometimes ineffective for most of the countries of the world, and it may endanger the life of the individuals accordingly.
There are certain industries in the world covering in different parts of the world which are experiencing high amount of regulations, and among them Agriculture industry is one of them. Canadian regions, one of the wealthiest regions of the world also have specific regulations and acts specifically associated with the Agriculture Sector of the country. In this thorough analysis of regulations, it is evaluated that the essence of regulations are very important for every economy of the world and it is equally beneficial for the Canadian economy as well. Though there are number of regulations and acts found in the agriculture market of Canada, however only three have been selected and emphasized in this analysis, and found in the best possible stance of cost benefit of the country.
References
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