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Supply side policies are: o Privatization o Improve training and education o Increase competition in all industries Government controls over business in some more direct ways: 1. Production decisions: what firms can produce and cannot produce. 2. Responsibilities to employees, including working conditions. 3. Responsibilities to consumers. 4. Responsibilities to natural environment. 5. Location decisions.
Low price INFLATION: -Inflation occurs when price rise. Low inflation is a very important aim. If there is a rapid inflation, country will face some tough problems. Low levels of UNEMPLOYMENT: -When people want to work but cannot find a job then they are unemployed.
1951 Weights and Measures Act: A Weights and Measures Act is an Act of Parliament determining trade law where the weight or size of the goods being traded is important. For example, if a bottle of milk is for sale and has a label saying it contains one pint, then the law states that it must contain that amount.
1968 Trade Descriptions Act: The Trade Descriptions Act 1968 is an Act of the Parliament of the United Kingdom which prevents manufacturers, retailers or service industry providers from misleading consumers as to what they are spending their money on. 1974 Consumer Credit Act
1975 Sex Discrimination Act: The Sex Discrimination Act 1975 is an Act of the Parliament of the United Kingdom to protect men and women from discrimination on the grounds of sex. The Act is mainly in relation to employment, training, education, and harassment, the provision of goods and services and in the disposal of premises.
Employment protection: The following examples of dismissal are unfair: -For joining a trade union. -For Beijing pregnant. -When no warnings are given before dismissal.
Wage protection: The CONTRACT OF EMPLOYMENT will contain: -How many hours the employee has to work. -The nature of the job. -The wage rate to be paid. -How frequently wages will be paid. -What deductions will be made from wages, -Legal minimum wage
1979 Sale of Goods act: The Sale of Goods Act 1979 is an Act of the Parliament of the United Kingdom which regulates contracts in which goods are sold and bought. The Act consolidates the Sale of Goods Act 1893 and subsequent legislation, which in turn consolidated the previous common law. 1987 Consumer Protection Act
The laws on consumer protection:
ECONOMIC GROWTH: -When a country’s total level of output of goods and services in a country increases. When a country is experiencing economic growth, the living standards of people in the country are more likely to increase. BALANCE OF PAYMENTS: -Balance of payments is the balance between a country’s import and export.
Location of industry: Two types of measurements are often used by government to influence where firms locate. -Planning controls. -Provide regional assistant.
1944 Disabled Persons (Employment) Act
1976 Race Relations Act: The Race Relations Act 1976 was established by the British Parliament to prevent discrimination on the grounds of race. Items that are covered include discrimination on the grounds of race, color, and nationality, ethnic and national origin in the fields of employment, the provision of goods and services, education and public functions.
Protection against unfair discrimination:
Economic policies are: o Taxes and government spending – fiscal policy o Interest rates – monetary policy o Supply side policies Governments get the money from taxes. There are different types of taxes: 1. Income tax 2.Profits tax or corporation tax 3. lndirect tax (e.g. value added tax) 4. Import duties and tariffs
Health and safety at work: In most countries there are now laws which make sure that all employees: -Protect workers from dangerous machinery. -Provide safety equipment and clothing. -Maintain reasonable workplace temperatures. -Provide hygienic conditions and washing facilities. -Do not insist on excessively long shifts and provide breaks in the work timetable.
Employment protections:
Gov. Policies:
General aims and further info:
Government and Economic Influences in Business
