MGTA01H3 Final: Chapter Summary for Final Exam

• School: UTSC
• Department: Management (MGT)
• Course: MGTA01H3
• Professor: Chris Bovaird

Document Summary

Current trend towards privatization (transfer of government activities to public sector because government managed industries are inefficient) and deregulation (reducing laws that affect business activities): governments influence business as 6 things, customers (e. g. : office supplies. Military supplies: competitors (e. g. crown corporations owned by government compete with private sector, regulator, protecting competition: e. g. : ensuring healthy competition, protecting smaller firms, protecting consumers: e. g. : safety standards, warning labels, achieving social goals: e. g. : safe workplaces, employment insurance: protecting environment: e. g. : laws governing emissions and waste: taxation agent: revenue taxes fund government programs, either progressive (higher tax rate for higher incomes) or. Regressive (lower incomes pay higher percentage of income). : subsidies, data on stats canada, export insurance: provider of essential services: e. g. : healthcare, highways, economic stability plans: demand and supply demand: willingness and ability for buyer to purchase product, law of demand: buyer purchases more when price drops.