BU111 Lecture Notes - Lecture 7: Sole Proprietorship, Complete Control, Comparative Advantage
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BU111 Full Course Notes
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Document Summary
Business implication: affects uncertainty, risk, and constraints/costs faced by firm. Protection of consumers, support for and protection of domestic businesses, opportunity creation in foreign markets. Crtc: regulates business activity; influences technology standards , purpose: Promotes competition competition act, small business support. Achieve social goals universal health care, education. Protect the environment canada water act, fisheries act. Taxation agent: collected by all three levels of government, types; business, personal, approaches; progressive, regressive, restrictive. Provider of incentives & financial assistance: subsidies, tax breaks, support services for small and large, bail outs businesses, research funding. Provider of essential services: highways, armed forces, police, fire dept. , hospitals, education. Intellectual property rights legal rights that result from intellectual activity in the industrial, scientific, literary and artistic fields: grants exclusive rights to the creator, most common types are patents, copyright, trademarks. Creates incentive to innovate and be unique by allowing you to benefit from your innovation/creation.
