Textbook Notes (369,205)
Canada (162,462)
York University (12,903)
ADMS 1000 (315)
Chapter 7

ADMS Chapter 7 notes.docx

3 Pages
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Department
Administrative Studies
Course Code
ADMS 1000
Professor
Indira Somwaru

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Chapter 7 notes Government guardianship of: - Society - Private businesses - Global business deregulation and privatization Business enterprise system determines: - What goods/services produced and distributed to society - How goods/services produced and distributed to society  Can be determined by government, business, or both Capitalism: type of economic system that is based on… 1. rights of individuals ; to pursue self-interest; make profit 2. rights of private property; individuals have rights to own land, labour, and capital 3. competition; ensures business provides goods/services required by society at fair cost 4. role of government; government as laissez faire, minimal interference in business enterprise system Government as Guardian of SOCIETY 1. Collecting taxes - Collect taxes from individuals and businesses in order to fund government services and programs through: revenue tax; individual income tax sales tax property tax - Regulatory taxes: aimed at controlling the use of specific products/services excise taxes; selective sales tax (eg. tobacco, alcohol..) customs duties/ tariffs 2. Act as a business owner: crown corporations - Crown corp.: an organization accountable through a minister, to parliament, for its operations - Can be federal  eg. CanadaPost, CBC, Air Canada) - Or provincial LCBO Establishment of crown corporations: - To implement public policy to safeguard national interest - To protect industries that are vital to economy - To provide special services that private businesses cannot (eg. domestic air services) - To nationalize certain industriespublic utilities (eg. electricity supply) 1 3. Government regulation - Impose legislation to modify behaviour in private sector - Regulation focused on: consumer protection environmental protection nature of competition public safety Imperfect competition - Suggests need for government involvement - Business supply will be responsive to consumer demand - IC occurs when theres few competitors, leads to: less innovation, lower quality business sets prices  Therefore, need government intervention Public interest - Central objective to protect public
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