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Economic Role of the Government - Coggle Diagram
Economic Role of the Government
Stable Marketing
Definition of Monopoly
When an organization/group/company have complete control over the supplies of products and services
Downside of Monopoly
Monopolies are bad because they have too much control in markets, meaning there are no competition
Examples of Monopoly
Microsoft
Facebook
Google
AT&T
Environmental Protection
Example of Environmental Regulation
Forestry Companies must pay to replant trees to the government
Why is it important?
Some companies are careless about the environment, and may just pollute it freely.
Safety of Consumer
Product Recalls
Consumers have the option to refund or repair goods
Health Canada Role
Safety regulations for goods and services safe for human consumption
Canadian Standard Association
Safety regulations for products to meet industrial standards
Crown Corporations
What are they and Why do they exist
A provincial or federal organization that is structured similarly to private or independent companies
Examples
CBC
Bank Of Canada
Canada Post
VIA Rail
Labour Laws
Why is it important?
These laws protect workers and empowers them. It also builds a stronger industrial relation - better relationship and health for the workers
What is labour law?
laws that protect the rights of workers and employees
Drawbacks of Government Involvement in the Economy
Government Corruption and Collution
Government limit the amount of information they can share publicly
Private Information to gain profit is disallowed
Waste and Inefficiencies
Due to good pay and good security, some employees can become lazy
Sometimes, the reputation of organizations are wasteful and inefficient
Prevent Price Fixing
The act that prevents price fixing for consumers
Price Fixing prevention is enforced under Competition Act. This ensures the best prices for consumers and creates competition for companies
What is it?
Several companies agree to inflage goods and services to increase profit