What will be the impact on business of the abandonment of th e penny (Canadian one - cent piece) - Essay Example

Add to wishlist

Summary

This will be in about six months’ time to come when the Canadian mint has been authorized to stop its production.
As in all business states,…

Download full paper File format: .doc, available for editing

GRAB THE BEST PAPER94.9% of users find it useful

What will be the impact on business of the abandonment of th e penny (Canadian one - cent piece)

Read Text Preview

Subject: Business
Type: Essay
Level: Undergraduate
Pages: 1 (250 words)
Downloads: 2
Author: rachel82

Extract of sample "What will be the impact on business of the abandonment of th e penny (Canadian one - cent piece)"

Impact on business of the abandonment of the penny The penny The government has announced that it is going to eliminate the use of the penny in the country’s budget from the Canadian coinage. This will be in about six months’ time to come when the Canadian mint has been authorized to stop its production.Impacts As in all business states, the abolishment of penny will have an impact in many businesses and the circulating money which means that the pennies in the mint will be smelted again for reuse.

The businesses in the country will have to take a negative direction which means that majority number of businesses will fall who will be asked to return the pennies. This will result to a low circulation of money and businesses all over the country will be affected, for the loss of value.DurationThis will go on for a while the business and the economy continues to deteriorate in value due to the reduced cash flow. The government will also have a lot of work and spend equally when it will be collecting the pennies for reuse in its financial institutions.

The country’s federal budget will also change its states that will affect the government’s expectation to apply a new way of getting equivalent currency for cash transaction in a fair and a transparent manner. The mathematical rounding off of figures will be done in several items and hence transactions involving low value items will be complicated to perform. The penny has been found to be of great help and use in the business world which is changing rampantly as new methods crops out day by day.

ReferencesAUSTEN, I. (n.d.). In Canada, the Pennyâ€™s Time to Shine Is Over - NYTimes.com. The New York Times - Breaking News, World News & Multimedia. Retrieved March 11, 2013, from http://www.nytimes.com/2012/03/30/business/global/in-canada-the-pennys-time-to-shine-is-over.html?_r=0 Canadas penny withdrawal: All you need to know - Business - CBC News. (n.d.). CBC.ca - Canadian News Sports Entertainment Kids Docs Radio TV. Retrieved March 11, 2013, from http://www.cbc.ca/news/business/story/2012/03/30/f-penny-faq.

html Penny C. Sansevieri: What the Plus! Whats Up With Google+? An Interview With Guy Kawasaki. (n.d.). Breaking News and Opinion on The Huffington Post. Retrieved March 11, 2013, from http://www.huffingtonpost.com/penny-c-sansevieri/what-the-plus-whats-up-wi_b_1595228.html Research Minutes: How to Identify Scholarly Journal Articles - YouTube. (n.d.). YouTube. Retrieved March 11, 2013, from http://www.youtube.com/watch?v=uDGJ2CYfY9A

Cite this document

APA
MLA
CHICAGO

(“What will be the impact on business of the abandonment of th e penny Essay”, n.d.)
What will be the impact on business of the abandonment of th e penny Essay. Retrieved from https://studentshare.org/business/1617761-what-will-be-the-impact-on-business-of-the-abandonment-of-th-e-penny-canadian-one-cent-piece

(What Will Be the Impact on Business of the Abandonment of Th E Penny Essay)
What Will Be the Impact on Business of the Abandonment of Th E Penny Essay. https://studentshare.org/business/1617761-what-will-be-the-impact-on-business-of-the-abandonment-of-th-e-penny-canadian-one-cent-piece.

“What Will Be the Impact on Business of the Abandonment of Th E Penny Essay”, n.d. https://studentshare.org/business/1617761-what-will-be-the-impact-on-business-of-the-abandonment-of-th-e-penny-canadian-one-cent-piece.

Cited: 0 times

CHECK THESE SAMPLES OF What will be the impact on business of the abandonment of th e penny (Canadian one - cent piece)

Analysis of Business Problems of JC Penney

Going back to the original format of the department store is one of the recommendations, which would provide JCP with an opportunity of formulating a store separately.... Moreover, the company must consider performing a wide market study to scan if consumers are attracted in a central point ground one stop shop or not.... (JCP) is one of the main top department store retailers in America.... Ever since, with “1033 JC Penney department stores in 49 states and Puerto Rico” (JC Penny 2006 web Pages and Annual Report par 3), it has turned out to be one of the leading retailers in the discount segment and department of the retail...

14 Pages (3500 words) Research Paper

Review and Analysis of the Social Studies Curriculum in Canada

hellip; Traditional elements of social studies in the classroom have been developed in terms of knowing what has occurred among various cultures in terms of political events.... “The initiative being taken is based on a re-examination of the materials being taught and what it means to students when they are endeavoring to understand the philosophies of social studies” (Clark, 2008)....

7 Pages (1750 words) Research Paper

The Automotive Sector of Canada

he Rising Canadian Dollar and its impact on the Canadian Auto Industry, Testimony of Jim Stanford Economist, Canadian Auto Workers Before the Standing Committee on Foreign Affairs, Senate of Canada, October 8, 2003http://www.... International trade makes up a large part of the canadian economy, particularly of its natural resources.... uring the first half of 2003, a rapidly appreciating currency cut deeply into net exports in most canadian traded goods industries....

9 Pages (2250 words) Essay

Industrial Peace in Canada

have stayed as union members from the old average of thirty per cent.... On the other hand, the statistics in Canada has remained strong and steady at thirty one per cent for non-agriculture manpower.... one exceptional character present in the trade union environment in the country is the so-called Rand formula named after its creator, Justice Ivan Rand of the Supreme Court of Canada.... (How "anti-union" laws saved canadian labour: certification and striker replacements in post-war industrial relations....

5 Pages (1250 words) Research Paper

Canadian Lumber Trade

US - canadian Lumber Trade Issue is definitely the most current and important issue not only to the Lumber Producers on both sides but also to the US consumers in terms of prices.... The issue that the canadian Lumber producers are dumping low cost lumber as compared to that of US Lumber, in US markets thus making the US Lumber producing firms to fall apart, is not a latest issue, but it is there since 1930.... hellip; Before 1930, the canadian Lumber was entering US markets duty free....

4 Pages (1000 words) Essay

The Impact of Television on the 2008 Canadian Elections

one can watch colorful animated cartoon for children a well a health how and port for adult.... one can even watch movie at home and thu the time and train one ha to take to buy ticket or go to the theater i aved.... hrough televiion one can know the detail of recent dicoverie,innovation ,invention and achievement viually happening around the globe.... Hence,apart from telephone and airplane,I feel televiion are an innovation that ha changed our live and i one of the main reaon for making the world a 'global village'....

13 Pages (3250 words) Essay

The Impact of the Fur Trade on Aboriginals in Canada

This work "the impact of the Fur Trade on Aboriginals in Canada" describes the social, cultural, economic, and health-related impacts of the fur trade on Aboriginal communities living in the Hudson Bay, Great Lakes, and St.... … The nature of the fishing trade required long periods onshore which necessitated maintaining good relations with the local Aboriginal communities (The canadian Encyclopedia, 1).... The value of the beaver in the North American fur trade was indisputable and it became the fur of choice until the late 19th century, thereafter the market opened to include other types of fur as well (The Oxford Companion to canadian History, 1)....

7 Pages (1750 words) Coursework

Impact of Undocumented Immigration on Canadian Economy and Labor Market

Although illegal immigration has a huge international relevance, it has not been exhaustively studied in Canada, especially with regard to its impact on the economy and market labor.... Globally, the issue of undocumented immigrants is one that has been viewed to affect the economy of the host country.... On a global scale, workers not documented put in about $150 billion annually in remittances; this makes undocumented immigration an issue of significant relevance and one that has not been thoroughly explored in Canada....

11 Pages (2750 words) Research Paper