Intro to Business 1 Lecture Notes

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Department
Business And Administration
Course
BUS-1201
Professor
Rosalie Harms
Semester
Fall

Description
th Wednesday September 24 , 2008 Lecture: Chapter 4: Government's Involvement in Business: Crown corporations Laws and regulations Taxation and financial policies Financial aid Government expenditures Purchasing policies and Services Crown Corporations diagram in power point Laws and Regulations: Laws are derived from four sources: the Constitution Act; precedents established by judges; provincial and federal statutes; and federal and provincial administrative agencies. Federal government responsibilities include: Trade regulations Incorporation of federal companies Taxation, both direct and indirect The banking and monetary system National defence Unemployment Immigration Criminal law Fisheries Provincial government responsibilities include: Regulate food establishments Zoning regulations Business licensing Provision of municipal services Libraries, parks, playgrounds Water supply, sewage & garbage disposal Roads, street lighting, etc. Taxation and Financial Policies: Taxes(revenue, income and property) are the major bases of tax revenues. Taxes are used a source of funding for government activities. Sin taxes are used to discourage tax payers from using certain products. For example, cigarettes. Tax credits are given to companies to encourage growth. All businesses pay various taxes (a cost of doing business), which are passed on to the consumer in the form of higher prices. Stabilizing the Economy through Fiscal & Monetary Policy: Fiscal Policy: The federal government's effort to keep the economy stable by increasing or decreasing taxes or government spending. Monetary Policy: Management of the money supply and the interest rates are controlled by the Bank of Canada. Deficit- created when the government spends more than it gathers in taxes over a specific period of time. National debt- the sum of government debt over time today Canada's debt totals less than $500 billion. Federal Budget- a comprehensive report on what the government's financial policies will be for the following year how much revenue will be collected and whether there will be a deficit or surplus Federal Government Revenue Sources and Federal Government Expenditures pie charts on power point FinancialAid: Direct assistance to business through grants, low-interest loans, loan guarantees, consulting advice and information. Equalization of transfer payments between provinces reduces fiscal disparities between the wealthier and poorer provinces. Marketing Boards control the supply or pricing of some agricultural products in order to stabilize the industry. Purchasing Policies: The government is a very large purchaser and consumer of goods and services. Governments attempt, where possible, to favour local businesses in their purchasing policies including trade barriers between provinces. Services: Industry Canada offers a variety of programs to help businesses get started and to promote businesses internationally. - Canada's Innovation Strategy is a policy formed by the federal government to help Canada become more competitive by 2010. - The National Research Council supports research and technology in areas such as aerospace, biotechnology, engineering and construction, industry support and communications technology and manufacturing. - Department of ForeignAffairs and International Trade offers support to those businesses wishing to trade internationally. Government sources Available to Assist Canadian Businesses chart in power point. An Industrial Policy: Do We Need One?: Many Asian countries have strong national industrial policies. Japan and other countries have experienced success when their government's partnered with industry to pursue national goals. Canada has lost many jobs to countries such as Mexico, China, India and Brazil. The new trade agreements are trying to stop this kind of unfair competition. th Monday September 29 , 2008 Lecture: Video Discussion on Red Bull (some discussion questions in power point, that were gone over in class) Working with the Legal Environment of Business: Criminal Law defines crimes, establishes punishments and regulates the prosecution of people accused of committing crimes. Civil Law involves legal proceedings that don't involve criminal acts. Business Law refers to rules, statutes, codes and regulations that provide a framework within which business may be conducted and enforced by a court. Statutory Law written laws made by legislature, international treaties by laws. Common Law the body of law that comes from precedents or decisions handed down by a judge, known as unwritten law. Tort Law: Atort is a wrongful act that causes injury to another person's body, property, or reputation. Tort law focuses on the compensation of victims. Negligence & product liability are 2 examples of tort law at work. Laws concerning intellectual property: Patent:Aform of intellectual property that gives inventors exclusive rights to inventions for 20 years. Copyright: Protects a creators' rights to materials such as books, articles, photos, and cartoons for 50 years after the death of the creator. Trademark: Is a brand that has been given legal protection for the brand name and the pictorial design. Industrial Design: Protects the owners exclusive right to use the visible features of a finished product that identify it. The Sale of Goods: The Manitoba Sale of GoodsAct applies to all contracts for the sale of goods. The Sale of GoodsAct establishes the rules and requirements associate with the deal, establishing the respective rights and obligations of the parties of the contract. Two type of warranties: Express warranties: specific representation by the seller that buyers rely on regarding the goods they purchase (new car warranty). Implied warranties: are legally imposed on the seller, and implies that the product will conform to the customary standards of the trade or industry in which it competes. Elements of a Contract: 1. An offer is made. 2. Voluntary acceptance of the offer 3. Both parties give consideration or something of value. 4. Both parties are competent 5. The contract must be legal. 6. The contract is in proper form. Remedies for Breach of Contract: 1. Specific performance may be forced by the courts to satisfy the conditions of the contract. 2. Payment of Damages monetary settlement awarded by the courts to the person injured by breach of contract. 3. Discharge of obligation If one party fails to live up to their end of the contracts, you don't have to live up to your end of the agreement either. Laws to Protect Consumers: Consumer Packaging & LabellingAct, Textile LabellingAct, Weights & Measures Act, Food and DrugsAct, Hazardous Products Act, Motor Vehicle SafetyAct,Aeronautics Act, Competition Act. Bankruptcy and Insolvency: The Bankruptcy and Insolvency Act is designed to achieve a reasonable and fair distribution of the debtors assets among creditors, and to release the honest debtor from ongoing obligations that can't possible be met. Voluntary vs. Involuntary Bankruptcy The Companies Creditors ArrangementAct. Ch.5 Wednesday October 01,2008 and Monday October 06,2008 Review Wednesday October 08,2008 st Wednesday October 01 ,2008: Chapter 5: Ethics and Social Responsibility: What is Ethics?: Ethics are the standards of moral behaviour; behaviour that is accepted by society and right vs. Wrong. Moral Values: Integrity, respect for human life, self control, honesty, courage, and self sacrifice are right. Cheating, cowardice, cruelty are wrong. Ethics vs. Legality: Ethics begin with you and me Figure 5.2 the Fraser institutes 2005 Generosity index in text. Ethical Orientation questionnaire on separate page. Ethics check question: Is it legal? Is it balanced? How will it make me feel about myself? The Front Page Test!
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