,Tm Em Nm Tm H Cm Am Nm Am D m Im Am N Em D m Im Tm Im Om N
William G. Nickels
m m
UniversitymofmMaryland
James M. McHugh
m m
St. mLouismCommunitymCollegematmForestmPark
Susan M. McHugh
m m
AppliedmLearningmSystem
Rita Cossa
m
DeGrootemSchoolmofmBusiness, mMcMastermUniversity
Julie Stevens
m
Brockm University
,UnderstandingmCanadian mBusines
smTenth mCanadian mEdition
Copyrightm ©m 2019,m 2016,m 2013,m 2010,m 2007,m 2005,m 2003,m 2000,m 1997,m 1993m bym McGraw-Hillm Ryerson
Limited.mCopyrightm©m2016,m2013,m2010,m2008,m2005,m2002,m1999,m1996,m1993,m1990,m1986mbymMcGraw-Hill
EducationmLLC.mAllmrights mreserved.mNompartmofmthismpublicationmmaymbemreproducedmormtransmittedm
inmanymformmor mbymanymmeans,mor mstoredminmamdatambasemor mretrievalmsystem,mwithoutmthempriormwritte
nmpermission mofmMcGraw-
HillmRyersonmLimited,morminm themcasemofmphotocopyingmormothermreprographicmcopying,mam licensemfr
ommThemCanadianmCopyrightmLicensingmAgencym(Access mCopyright).mFormanmAccess mCopyrightmlice
nse,mvisitmwww.accesscopyright.camormcallmtollmfreem tom1-800-893-5777.
ThemInternetm addresses mlistedminm themtextmweremaccuratematmthemtimemofmpublication. mThe minclusionm
ofmamWeb msitemdoesmnotmindicatem anmendorsementmby mthem authorsmormMcGraw-
HillmRyerson,mand mMcGraw-
HillmRyersonmdoes mnotmguaranteemthemaccuracymof mthem informationmpresentedm atm thesemsites.
ISBN-13:m 978-1-25-965495-4
ISBN-10:m 1-25-965495-8
1m2m3m4m5m6m7m8m9m0mTCPm1m2m3m4m5m6m7m8m9
PrintedmandmboundminmCanada.
Carem hasm beenm takenm tom tracem ownershipm ofm copyrightm materialm containedm inm thism text;m howe
ver,mthempublishermwillmwelcome manyminformationmthatm enables mthem mtomrectify manymreferencemorm cr
editmformsubsequentmeditions.
ProductmDirector,mCanada:mRhonddamMcNabbmP
ortfoliomManager:mAmymClarke-
SpencleymMarketingmManager:mEmilymPark
SeniormContentmDeveloper:mAmymRydzaniczmSe
niormPortfoliomAssociate:mStephaniemGiles mSuper
visingmEditor:mJaniemDeneaumPhoto/Permissions m
Editor:mMonikamSchurmannmCopymEditor:mMarg
aretmHenderson
PlantmProductionmCoordinator:mMichellemSaddlermManufactur
ingmProductionmCoordinator:mJasonmStubner
CovermDesign:mJodiemBernard,mLightbox mCommunications,mI
nc.mCovermImage:m©mRobmBall
InteriormDesign:mLizmHarasymczukm
PagemLayout:mSPimGlobal
Printer:mTranscontinentalmPrintingmGroup
, mheducation.ca
William G. Nickels
m m
UniversitymofmMaryland
James M. McHugh
m m
St. mLouismCommunitymCollegematmForestmPark
Susan M. McHugh
m m
AppliedmLearningmSystem
Rita Cossa
m
DeGrootemSchoolmofmBusiness, mMcMastermUniversity
Julie Stevens
m
Brockm University
,UnderstandingmCanadian mBusines
smTenth mCanadian mEdition
Copyrightm ©m 2019,m 2016,m 2013,m 2010,m 2007,m 2005,m 2003,m 2000,m 1997,m 1993m bym McGraw-Hillm Ryerson
Limited.mCopyrightm©m2016,m2013,m2010,m2008,m2005,m2002,m1999,m1996,m1993,m1990,m1986mbymMcGraw-Hill
EducationmLLC.mAllmrights mreserved.mNompartmofmthismpublicationmmaymbemreproducedmormtransmittedm
inmanymformmor mbymanymmeans,mor mstoredminmamdatambasemor mretrievalmsystem,mwithoutmthempriormwritte
nmpermission mofmMcGraw-
HillmRyersonmLimited,morminm themcasemofmphotocopyingmormothermreprographicmcopying,mam licensemfr
ommThemCanadianmCopyrightmLicensingmAgencym(Access mCopyright).mFormanmAccess mCopyrightmlice
nse,mvisitmwww.accesscopyright.camormcallmtollmfreem tom1-800-893-5777.
ThemInternetm addresses mlistedminm themtextmweremaccuratematmthemtimemofmpublication. mThe minclusionm
ofmamWeb msitemdoesmnotmindicatem anmendorsementmby mthem authorsmormMcGraw-
HillmRyerson,mand mMcGraw-
HillmRyersonmdoes mnotmguaranteemthemaccuracymof mthem informationmpresentedm atm thesemsites.
ISBN-13:m 978-1-25-965495-4
ISBN-10:m 1-25-965495-8
1m2m3m4m5m6m7m8m9m0mTCPm1m2m3m4m5m6m7m8m9
PrintedmandmboundminmCanada.
Carem hasm beenm takenm tom tracem ownershipm ofm copyrightm materialm containedm inm thism text;m howe
ver,mthempublishermwillmwelcome manyminformationmthatm enables mthem mtomrectify manymreferencemorm cr
editmformsubsequentmeditions.
ProductmDirector,mCanada:mRhonddamMcNabbmP
ortfoliomManager:mAmymClarke-
SpencleymMarketingmManager:mEmilymPark
SeniormContentmDeveloper:mAmymRydzaniczmSe
niormPortfoliomAssociate:mStephaniemGiles mSuper
visingmEditor:mJaniemDeneaumPhoto/Permissions m
Editor:mMonikamSchurmannmCopymEditor:mMarg
aretmHenderson
PlantmProductionmCoordinator:mMichellemSaddlermManufactur
ingmProductionmCoordinator:mJasonmStubner
CovermDesign:mJodiemBernard,mLightbox mCommunications,mI
nc.mCovermImage:m©mRobmBall
InteriormDesign:mLizmHarasymczukm
PagemLayout:mSPimGlobal
Printer:mTranscontinentalmPrintingmGroup
, mheducation.ca
