Government irregularities of business

The government regulated business in one or more of the following ways;

1. Registration of business: The government registers all business units not only to give the business legal backing but also to determine the strength of the economy in the various industrial spheres.
2. Patent: This is a special right granted by government to someone who has made an invention so as to protect that invention for him or her. Patent confers monopoly. The owner of patent is called patentee.
3. Trade-Mark: A trade-mark is an identification mark registered by the owner to distinguish his products from those of other competitions. Trade-marks; Lux, Elephant, Omo, etc are registered trade-marks.
4. Copyright: This is the sole right which the copyright law grants an individual to reproduce and market an intellectual, literary, artistic or musical work. Copyright does not last forever but it is limited to 50 years in the case of musical works from the date of release, or 50 years in the case of intellectual properties after the demise of the owner.

NOTE: GOVERNMENT REGULATION OF BUSINESS

This is the way by which government uses new information technology to provide people with more convenient access to government information and services to improve the quality of the services and to provide greater opportunities to participate and influence government and its policies.

OTHER METHODS OF GOVERNMENT REGULATIONS OF BUSINESS

5. Publication of financial statement.
6. Fiscal policies.
7. Establishment of regulatory bodies.
8. Use of standard weights and measures.
9. Giving approval for business location.
10. Ownership of business.

REASONS FOR GOVERNMENT REGULATION OF BUSINESS

1. Prevention of monopoly.
2. Revenue generation.
3. Ensuring production of quality goods.
4. Enhancing economic growth and development.
5. Uniformity in commercial activities.
6. Ensuring compliance with rules and regulations.
7. To ensure uninterrupted supply of goods.
8. Protection of consumers from exploitation.
9. Production of safe goods.

ASSIGNMENT

Explain the reasons for government regulation of business