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Economics - Coggle Diagram
Economics
Prevent Price fixing
What is price fixing
Secret agreement between companies to set prices
Reduces competition
Hurts consumers by inflating prices
Example
Loblaws and other grocery stores fixed bread prices
Fined and had to offer $25 gift cards to customers
What act protects consumers
Competition Act
Enforces free market competition
Investigates companies for illegal practices
Promoting Stable Economy
What is a monopoly
Single company dominates the market
No competition exists
Why are monopolies bad
Higher prices for consumers
Lower product quality
Less innovation
Example of a monopoly
Bell Canada
Google
Consumer Safety
Role of Health Canada
Approves drugs and vaccines
Inspects food facilities
Role of CSA
Sets safety standards for electronics
Certifies products
Product Recalls
Food recalls for contamination
Car recalls for faulty airbags
Labour laws
Describe what they are
Protect minimum wage rights
Limit working hours
Why they are important
Worker safety
Fair working conditions
Crown Corporation
What are they and why they exist
Provide essential services at low cost
Prevent foreign control of key industries
Examples
CBC
VIA Rail
Environmental Protection
Why it is important
Maintains biodiversity
Prevents climate change
Example of environmental regulation on businesses
Carbon tax for polluters
Ban on plastic bags
Drawbacks
Waste and inefficiencies
Example
Phoenix Pay System failure (cost billions, didn't work)
Overpaying for simple services
Delays in government infrastructure projects
Government corruption and collusion
Government awarding contracts unfairly to friends
Politicians using public money for personal gain
Example
SNC-Lavalin scandal
company got special treatment