Mind map
Promoting a stable market
What is a monopoly
Why are monopolies bad
Example of a monopoly
- Ensuring the Safety of the consumer
- Environmental Protection
Role of Health Canada
Health Canada plays a vital role in ensuring the safety of Canadians by regulating the sale and distribution of health products and food.
Role of CSA
Product Recalls
Why it is important
Example of environmental regulation on businesses
- Labour Laws
Describe what they are
Why are they important
- Crown Corporations
What are they and why do they exist?
Some examples
- Prevent Price Fixing
What is price fixing (give an example)
What act protects consumers from companies' price-fixing
- Drawbacks of government involvement in the economy
Government corruption and collusion WITH Examples
Waste and inefficiencies
CSA is a standards organization that develops and maintains safety standards for a wide range of products.
Product recalls are also important in ensuring the safety of consumers as they allow companies to recall unsafe products.
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A monopoly is a situation where a single entity has complete control over the supply of a particular good or service in a market.
An example of a monopoly is Microsoft's control of the computer operating system market.
Environmental protection is important to ensure that we preserve our natural resources for future generations
An example of an environmental regulation on businesses is the Carbon Tax, which is a tax on carbon emissions that businesses must pay based on the amount of carbon they emit.
An example of price fixing is when two competing gas stations agree to set their prices at the same level.
The Competition Act protects consumers from companies' price-fixing by making it illegal.
They're are important to protect workers' rights and ensure that they are treated fairly.
For example, labour laws can ensure that employees are paid a fair wage, are not discriminated against, and have safe working conditions.
Additionally, government involvement can lead to waste and inefficiencies, as government programs are sometimes poorly designed or managed.
Drawbacks of government involvement in the economy include government corruption and collusion, as seen in various political scandals throughout history.
Crown corporations are government-owned businesses that exist to provide essential services to the public
Some examples include the Canadian Broadcasting Corporation (CBC), Canada Post, and the Canadian National Railway (CN).
Monopolies are bad because they can lead to higher prices, lower-quality products, and reduced innovation.