Textbook Notes (368,559)
Canada (161,962)
York University (12,849)
ADMS 1000 (315)
Chapter

Government, Business & Society

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Department
Administrative Studies
Course
ADMS 1000
Professor
Peter Modir
Semester
Fall

Description
The Role of the Government in Business and SocietyBusiness enterprise determinesoWhat goodsservices are produced distributed by societyhow they are produceddistributedThe 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 following1Rights of individual to pursue self interest with some restrictions2Rights of private propertyland labour and capital Because of uneven distribution of wealth in society the government has intervened with approaches like taxation seek to redress imbalances3Competition to ensure maximum productionstandards not always perfect competition4The role of governmentminimal government interference in the business enterprise systemCommunism places the responsibility for the allocation of societys resources into the hands of the governmentGovernment as Guardian to SocietyCollecting taxes oCollection of revenue taxes individual corporation sales propertyoCollection of restrictive regulatory taxes Excise taxes are typically applied to goods an services that the government desires to restricts such as products deemed to be potentially harmfultobacco alcoholCustoms dutiestariffsActing as business ownersoGovernments own businessesCrown Corporations CCsoCCs may be federal or provincialoNumber of CCs has been decreasing along with the number of employeesoLCBOis a successful CC businessa regulatory system on alcohol consumptions oCCs natural monopolies eg electricityoCCs protectprovide services that private enterprise might not wish to pursue eg Canada PostoCCs implement public policysafeguard national interests eg PetroCanadaoCCs protect vital industries eg CNR CRBCRegulating the business sector
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