Economic opportunity is defined as the ability to work and earn a living on a level playing field.
It is not just about having a good job, it is about the opportunities that can be created for people.
The federal government has committed to increasing the number of Canadians who have access to this opportunity.
This week, the Government of Canada announced that it will update the supply definitions of economic opportunities.
The Government has released a new supply definition that includes the following: a) The right to a good paying job b) The ability to make an income from work c) The opportunity to acquire, upgrade, maintain and maintain a business d) The financial incentive to start a business e) The economic potential to work for yourself f) The means to obtain a qualification, education or other qualification g) The potential to acquire capital or assets to begin a business h) The capacity to work from home or to work at home or at home with family or friends i) The possibility of earning enough money to support oneself or a family member j) The chance to live in a community with a high standard of living, with the opportunity to invest in the community, to participate in a local sport or to be active in a volunteer program.
To date, the supply of economic development opportunities has increased by 12.2 per cent.
This represents a significant increase in the number that have been created since the Government first announced its supply definition update in 2014.
The number of new opportunities created in the last five years has also increased, from 8,500 to 10,500.
For the first time in four years, the number created is higher than the number who have already received the update.
For example, the new supply definitions have increased the number from 12,700 in 2014 to 14,600 in 2019.
This is a strong sign that Canada’s economy is entering a period of growth.
However, while economic opportunity is an important component of economic prosperity, it can be equally important to ensure that there is enough demand to meet demand.
The government’s supply definition, which is set out in the Economic Action Plan, provides a benchmark for determining the extent of economic demand for the goods and services that can reasonably be produced in the economy.
To be considered for supply definition updates, goods and products must meet a number of criteria, including the size of the business, the level of labour force participation, the type of goods and the number and types of people in the population that could be expected to produce the goods.
The new supply criteria include: a.
The total number of workers in the business.
The percentage of employees that are paid wages.
The rate of pay, or the minimum wage rate.
The hours worked.
The type of work, including, for example, retail trade, hospitality and manufacturing, as well as services such as banking and accounting.
The location of the job, including its location in the workplace, and the size and type of business and of the workforce that is being served.
The availability of capital and the financial incentive for the business to grow.
The potential for the economic activity of the owner to be expanded.
The financial incentives that could support the business and its operations.
The ability of the businesses to meet the needs of the population.
The capacity of the community to support the operation of the operations.
The size and quality of the goods that are being supplied, and whether they are manufactured or produced in Canada.
The current supply definition definition includes information on the following indicators: number of employees in the firm; the number, type and hours of employees; the amount of goods supplied by the firm, including manufactured and produced goods; the size, location and type and type composition of the production workforce; the total number and quality level of the jobs that are involved in the production of goods.
However the supply criteria are not set out for all businesses and it is not possible to provide an assessment of each.
It would be a waste of time to create a new definition that included all these factors.
Instead, the government will consult with stakeholders to determine what the existing supply definition should be.
To help inform this discussion, the National Business Group of Businesses (NBGBA) has developed an online tool that allows the public to comment on the supply terms.
NBGBA has also prepared an interactive tool that provides additional information on these indicators.
The tool also provides a guide for those who are interested in working with the government to create an economic opportunity supply definition.
NBB is the national association of business leaders.
It provides the economic opportunity guide for businesses, as part of its membership.
NBGE provides the guidance for employers, including how to develop a supply definition for their business.
For more information, visit www.businessguide.gc.ca/eng/eng-eng.html.