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Government Involvement - Coggle Diagram
Government Involvement
Crown Corporations
Some example
The Canadian Broadcasting Corporation (CBC), VIA Rail Canada Post and the Bank of Canada as well as various provincial electric utilities.
What are they and why they exist
They meant to serve a federal or national interest or an interest that is specific to a province or territory.
Drawbacks of government involvement in the economy
Government corruption and collusion
Bureaucrats and individuals collude to conceal information and transact in bribes
Waste and inefficiencies
Waste is inefficiency that directly and negatively impacts your business, operations, customers, profit and growth.
Labour Laws
Describe what are they
Labour law governs collective bargaining and industrial relation among employers and their unionized employees and trade unions.
Why are the labour law are so important
For creating a fair and just workplace.
Environmental Protection
Example of environmental regulation on businesses?
Although it may be obvious that businesses involved in automotive services, metal work, paints and coatings, agricultural services, and chemical production are subject to environmental regulations
Why is it important?
Environmental Protection is Important Because it Saves Human Lives World hunger global warming, increasing natural disasters, dangerous viruses, contaminated air, water and soil, pesticide use in the fields, species extinction, crop failures
Ensuring the Safety of the consumer
Role of CSA
A CSA plays a crucial role in customer satisfaction by promptly addressing inquiries, offering accurate product or service information, and resolving issues efficiently.
Role of health canada?
Health Canada is the Federal department responsible for helping Canadians maintain and improve their health, while respecting individual choices and circumstances.
product recalls?
A product recall is a request from a manufacturer to return a product after the discovery of safety issues or product defects that might endanger the consumer or put the maker/seller at risk of legal action.
Promoting a stable market.
What is a monopoly?
A monopoly is a market structure where a single seller or producer dominates an industry or sector with no opponents.
Why are monopolies bad?
If someone has a monopoly then it's bad because they would control the whole thing and raise the price and will also be slower to produce.
Example of a monopoly?
An example of a monopoly is the board game called monopoly because when someone gets all the properties then they win and money will keep flowing in.
Prevent Price Fixing
What is price fixing (give an example)
An agreement by competitor to set a minimum or maximum price for their product.
For example: Electronics retail companies may collectively fix the price of televisions by setting a price premium or discount.
What act protects consumers from companies price-fixing
The Consumer Protection Act protects consumers from unfair business practices before, during, or after a consumer transaction.