The Impact Of Economics On The Ontario Government

The performance of economies can be measured in many different ways and is measured by many people and institutions. Economies can be rated as performing well or poorly based on the macroeconomic and monetary policies, who is in charge, what the rest of the world is doing and so on. â€Å"Macroeconomics is about many different markets interacting with each other as a whole† (DPE 4). Ontario is an example of an economy that has many macroeconomic markets that are always interacting with each other. Many people have different thoughts of how well an economy is performing based on what macroeconomic markets they are looking at or what they are comparing these markets to. The Ontario government is doing well in some aspects of the economy but not†¦show more content†¦The manufacturing industry was once a very large part of Ontario’s economy. We are seeing more and more manufacturing businesses disappearing and moving elsewhere. Ontario has a great potential to be a manufacturing powerhouse but the current situation is not attractive for many companies: â€Å"If a particular country has a lower price, the other countries will buy† (DPE 134). Because of the current value of the Canadian Dollar, manufacturing companies in Ontario could potentially export to the United States and make a greater profit because of the dollar. This is not the case as Ontario has seen a drastic drop in its GDP in the past ten years because of many manufacturing companies setting up elsewhere3. There are many reasons why this is but a large factor is the minimum wage on Ontario. Ontario, like many other countries has a minimum wage that employers must pay to its employees. Many countries in Asia or Latin America do not have a minimum wage so employers can pay their employees significantly less4. As the government continues to raise concerns about raising the minimum wage once again many manufacturing businesses are becoming anxious about if they too should move to an off shore location as this could be a potential cost savings for their company. The government and its economists will need to continue to analyze to see if raising the minimum wageShow MoreRelatedCritical Review On Electricity Policy1539 Words   |  7 PagesCritical Review 3 Electricity Policy in Ontario Readings included: â€Å"Making Choices: Reviewing Ontario’s Long-term Energy Plan†, â€Å"The Development of Renewable Electricity Policy in the Province of Ontario: The Influence of Ideas and Timing†, â€Å"The Politics of Renewable Energy Policies: The Case of Feed-in Tariffs in Ontario, Canada†, â€Å"Energy, Economic and environmental discourses and their policy impact: The case of Ontario’s Green Energy and Green Economy Act†. 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