ADMS 1000 Chapter : Government, Business & Society

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periwinkleant662

30 Oct 2011

School

York University

Department

Administrative Studies

Course

ADMS 1000

Professor

Peter Modir

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Document Summary

The role of the government in business and society. Business enterprise determines: what goods & services are produced/ distributed by society & how they are produced/distributed. The canadian economy is capitalist but with a strong government influence. Capitalism is a type of economic system that is based on a number of fundamental principles, including the following: rights of individual to pursue self interest (with some restrictions, rights of private property land, labour and capital. Communism places the responsibility for the allocation of society"s resources into the hands of the government. Collecting taxes: collection of revenue taxes (individual, corporation, sales, collection of restrictive/ regulatory taxes property) Excise taxes are typically applied to goods an services that the government desires to restricts, such as products deemed to be potentially harmful tobacco, alcohol. Regulating the business sector: government economic regulation - imposition of constraints to modify economic behaviour in the private sector, e. g. energy,

Related Questions

Which of the following is characteristic of a country with a planned economic system?

a. The economy subscribes to capitalistic competition, where private parties own and operate the majority of businesses.

b. The economy relies chiefly on market forces to allocate goods and resources and to determine prices.

c. The economic system combines private and state enterprises with limited intervention from the government.

d. The economy is largely controlled by the government and freedom of choice is limited in order to accomplish government goals.

e. The economic system is primarily capitalistic but there is some degree of government ownership of the means of production.

azureantelope164

In terms of production, what best describes the difference between capitalism and socialism?

1 Capitalism is a system in which goods are made by private businesses, but socialism stresses government control on production.
2 Capitalism is a system in which the government controls production, but socialism stresses production by private businesses.
3 Capitalism is a system in which people pursue their own self-interests, but socialism stresses an equal distribution of wealth.
4 Capitalism is a system in which government should “plan” the economy, but socialism stresses that the free-market dictates production.