The economic environment has a profound effect on any type of business. Economic cycles, affect revenues, and profits, while product elasticities, affect pricing and demand. Other economic principles could also have substantial effects on businesses. This week you will help the company articulate various economic principles and their relationship to business

Your company is planning international expansion, the company sells a normal good (product). The company is thinking about exporting its products to Singapore. Assume that the company products are competitive with foreign products, and utilize the economic data below, to issue a recommendation whether the company should expand its operations to Singapore.

Key Economic Indicators Canada:

Last Previous GDP Growth Rate 1.3 -0.8 percent Sep/21 GDP Annual Growth Rate 4 11.8 percent Sep/21 GDP Growth Annualized 5.4 -3.2 percent Sep/21 GDP 1644 1742 USD Billion Dec/20 GDP Constant Prices 2093927 2066339 CAD Million Sep/21 Gross National Product 2487916 2443296 CAD Million Sep/21 Gross Fixed Capital Formation 447648 464437 CAD Million Sep/21 GDP per capita 42108 44958 USD Dec/20 GDP per capita PPP 45857 49007 USD Dec/20 Monthly GDP MoM 0.8 0.2 percent Oct/21 GDP From Agriculture 35929 35122 CAD Million Oct/21 GDP From Construction 145828 143224 CAD Million Oct/21 GDP From Manufacturing 186533 182592 CAD Million Oct/21Last Previous GDP Growth Rate 1.3 -1.4 percent Sep/21 GDP Annual Growth Rate 7.1 15.2 percent Sep/21 GDP 340 374 USD Billion Dec/20 GDP Constant Prices 121162 119031 SGD Million Sep/21 Gross National Product 411757 460725 SGD Million Dec/20 Gross Fixed Capital Formation 29676 27872 SGD Million Sep/21 GDP per capita 58057 61174 USD Dec/20 GDP per capita PPP 93397 98412 USD Dec/20 GDP From Construction 3839 3469 SGD Million Sep/21 GDP From Manufacturing 27387 27381 SGD Million Sep/21