BU111 Lecture Notes - Lecture 1: Sole Proprietorship, Limited Liability, World Trade Organization
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BU111 Full Course Notes
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Document Summary
Government influence over business regulate business activity, influence technological standards. Promote competition: competition act, small business support, tax breaks. Promote innovation: intellectual property rights, research funding. Protect consumers: hazardous products act, provide services. Achieve social goals: universal health care, education all funded by taxation. Protect the environment: subsidies, tax breaks, canada water act, fisheries act. Intellectual property legal rights that give credit to creators: patents, copyright, trademarks creates incentive to innovate by allowing you to benefit directly from your work and ideas. Trademarks: words, symbols, and designs used to identify a brand, protection for 15 years (renewable) under the trade-marks act, establish and protect reputation and branding, can be a valuable asset. Copyright: covers the form in which ideas are expressed (music, art, etc. ) o allows artists to receive compensation for their work. Patents: grant exclusive rights to brand-new products, must be first in the world, useful, and show ingenuity o protection for 20 years.
