MGMT 3230 Lecture 1: Business Law – Lecture 1
30 Jun 2020
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Document Summary
Canada has rule of law and many countries don"t. There is pressure on canada for this because they are now trading internationally where many countries don"t have these set of rules. Based on trade, activity promoted and considered critical exchange of 9800$ for goods and services. What are 3 objectives of running a business: profit, profit, profit. Law (legal system: enforce rules like police (protect you from inappropriate actions from them) However, too many rules/regulations = scaring away the businesses / economy crashes: safety against crime, fair, justice, human rights. Need recognition of value first [stealing will devalue. E. g. the right to your labour, a company"s right to its products (translated into goods/services: ex. Farmer wheat (property): continue to grow it: ex. If you take away/steal the property = prison strictness. Protection of property gives people incentive not to make the property. Used to be 30-40% of the economy. To make product and get a reward as outcome.
