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York University
SOCI 1010
Jeff Landry

ADMS 1000 Power Point Notes Session 9 Lecture 7 Political Context The Canadian Business Enterprise System Fundamental FeaturesAll developed countries have some sort of economic or business enterprise systemWhat goodsservice are produced and distributed to societyHow the goods and services are produced and distributed to societyCapitalism is a type of economic system that is based on a number of fundamental principles including the following 1 Rights of the individual individuals have every right to pursue their own selfinterest including seeking to make profits from business enterprisesGovernment regulation enforces rules that affect how business owners conduct their affairsEx Government guidelines may affect who hired for a job emphasizing on certain groups over others2 Rights of private property individuals have the right to own land labor and capitalIn Canada individuals are own their means of production but because of uneven distribution of wealth government can interveneEx Taxation aims at redistributing wealth among members of society3 Competition Sufficient competition among business enterprises will ensure that businesses provide goods and services required by society at a fair cost Competition is the invisible hand that ensures the market works in the matter4 Role of the Government government is considered as laissez faire let people do as they choose This means minimal government interference in the business enterprise system Capitalism allows individuals or businesses the responsibility for the allocation of resources whereas communism places the responsibility for the allocation of societys resources in the hands of the governmentGovernment as Guardian of SocietyFunding Services and ProgramsEstablishing Crown CorporationsRegulating BusinessModifying Economic BehaviorSafeguarding Canadian InterestsLaws and Regulation Affecting BusinessConsumer ProtectionProduct Quality and OperationTaxationHuman ResourcesMarketingPublic Law The law relating to the relationship between the individual or business and the government Private Law The law relating to the relationship between individuals businesses or individuals and businessesThe Main Sources of LawCommon LawCivil LawStatute LawAdministrative LawBusiness LawImportant Laws That Regulate Business 1 Charter of Rights and Freedom 2 Canadian Human Rights Act 3 Canadian Labour Code 4 Bankruptcy and Insolvency Act 5 Consumer Protection 6 Taxes income property payroll sales exciseGovernment as Guardian Society The Tax Collector Role Government pays many roles in relation to business The least popular one is tax collector federal provincial or local level There are 2 forms of taxes1 Revenue Taxes Collect money in order to help fund government services and programsIncludes individual taxes as well as corporate income tax property and sales tax Individual income taxes provided the largest source of revenue for the federal and provincial governmentsLevied on individuals net profits of proprietorships and partnerships Corporate income tax provided the second largest source of revenue for the federal governmentTaxes on net profit at a combined federalprovincial rate Subject to change based on govrn policy Sales taxes paid through retail stores which act as collection agents when they sell their goods to consumersEveryone involved in gs production pays GST The final consumers cannot pass the tax to another party Property taxes used to fund the operating costs of the municipal government and the services that it generates2 Restrictive or Regulatory TaxesRegulatory taxes there are 2 main types excise taxes and custom duties and tariffsRestrictive taxes aimed at controlling or curbing the use of specific products or servicesExcise taxes applied to goods and services that the government desires to restrictEx Products deemed to be potentially harmful Tobacco and alcohol products
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