Book Notes - Chapters 1, 17, 2, 5, 3 Flashcards
(181 cards)
Transfer Payments
Payments made by the federal gov’t to provinces and territories to deliver req’d services (education, health) and to equalize wealth across Canada
Three Levels of Gov’t
Federal
Provincial/Territorial
Municipal
Patent
Form of protection by the gov’t for inventions: right to manufacture, use and sell for 20yrs
Copyright
Form of protection by the gov’t for: art, music, literature & other intellectual property. Protects for the lifetime of the creator + 50 years thereafter.
Trademark
Legally exclusive design, name or other distinctive mark that is used to identify products
Bankruptcy
Legal procedure by which individuals/businesses fail to meet financial obligations are re-leaved of some, if not all debt.
Deregulation
The removal of rules and regulations governing business competition
Tort
A civil or private act that harms other people or their property (Physical injury, emotional distress, invasion of privacy or defamation)
Consumerism
A movement that seeks to increase the rights and powers of buyers in relation to sellers
Express Warranties
Specific statements of fact, promises about a product by a seller
Implied Warranties
Not written or oral: example, individual purchases vehicle and next day transmission falls out. This would be covered under Implied Warranties.
Product Liability
Responsibility of manufacturers and sellers for defects in the products they make/sell
Strict Liability
Concept in product liability laws under which manufacturer/seller is liable for personal injury or property damage caused by defective products that did not meet industry standards
Cartel
Agreement between enterprises to lessen competition
Monopoly
No competition - benefits of a free market are lost
Income Taxes
Taxes based on the income received by businesses and individuals
Property Taxes
Taxes imposed on personal property based on assessed value
Payroll Taxes
Income taxes collected by the employer and remitted to the government. Usually a form of deduction from the employees pay
Sales Tax
Taxes levied on goods and services when they are sold - calc as % of price
Excise Tax
Taxes that are imposed on specific items, such as: Gas, Tobacco and Alcohol
Economics
Study of how a society uses scarce resources to produce and distribute goods and services
Microeconomics
The sub area of Economics that focuses on an individual parts of the economy such as households or businesses
Macroeconomics
The sub area of Economics that focuses on the economy as a whole by looking at aggregate data for large groups of people companies or products
Factors of production
Resources used to create goods and services including natural resources labor Capital entrepreneurship and knowledge