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Flashcards in Chapter 1 Deck (12):
1

PESTI

model of the external environment. An acronym for the Political, Economic, Social, Technological and International environments that interact with business.

2

patent

a form of protection (limited monopoly) established by the government for inventors; it gives an inventor the exclusive right to manufacture, use, and sell an invention for 20 years.

3

copyright

a form of protection established by the government for creators of works of art, music, literature, or other intellectual property; it gives the creator the exclusive right to use, produce, and sell the creation during the lifetime of the creator and extends these rights to the creator's estates for 50 years thereafter.

4

trademark

the legally exclusive design, name, or other distinctive mark that a manufacturer uses to identify its goods in the marketplace.

5

tort

a civil or private act that harms other people or their property. The harm might involve physical injury, emotional distress, invasion of privacy or defamation (injuring a person's character by publication of false statements).

6

excise taxes

taxes that are imposed on specific items such as gasoline, alcoholic beverages and tobacco.

7

Federal government's role

The Federal government has the authority for money and banking, trade regulation, external relations, defence, criminal law, employment insurance, copyrights, and transportation.

8

The Federal government's labour code

regulates employment standards in industries such as banking, marine shipping, ferry and port service, air transportation, railway and road transportation.

9

Responsibilities of the provinces or territories

administration of labour laws (minimum wages, vacations, statutory holidays, overtime), education, health and welfare, protection of property and civil rights, natural resources and the environment.

10

municipalities

deliver such services as water, sewer, waste collection; encourage economic development; and use bylaws to regulate.

11

Government's are

tax agents, regulators (laws), providers of essential services (national defence and transportation) and providers of incentives used to simulate the economy (student loans), but they are also customers and competitors.

12

Canadian laws protect

patents, copyrights, and trademarks and provide mechanisms for bankruptcy and insolvency. Tort law provides a means for someone or a business to correct harm done to them. Consumers are protected by warranties, product-liability law, and the Competition Act.