Chapter 3Entrepreneurs In a Market Economy
Textbook online
In a market economy, private companies produce goods and services to earn profits. However, the government sometimes must regulate the behavior of companies to protect consumers and employees. The link below provides information about business compliance with government regulations. Read the article to answer the following questions.
Please enter your answers to questions 1-4 as a comment under this entry.
11 comments:
CHRIS COTTERILL
1. it protects the customer for a business to have a liscence because the customer knows they know what they are doing and can get a warranty.
2. Its is if you cant work for some reason you have insurance that will pay for you to be out of work a period of time until you can return. Many large businesses have this because there are many employees that will need to use it.
3. many of the insurances that businesses carry are often regulated by government because many things can happen with employees and need to be covered or else the business will pay for it and eventually become in debt without different kinds of insurance ex. medicare,social,federal.
checking
1. The government requires some businesses to obtain licenses. How does this protect consumers? Name two types of businesses that require a license.
A business license is a legal authorization in document form issued by municipal and/or state governments and required for business operations. It helps protect consumers so that its for their safety and so they don’t get ripped off. Two types of businesses that require a license is a restaurant and liquor stores.
2. What is workers' compensation insurance? What size businesses must carry this insurance? Why do you think the government requires business to do this?
Workers' compensation insurance is Insurance, which covers job related injuries to employees, which is paid by employers as required by the government. All size businesses must require a business license. The government requires a business to do this because it prevents a lot hurt to the business and legal matters to occur.
3. Read about the different kinds of insurance businesses often carries. Which of these do you think are required by government regulation? Should any other types of insurance be required? Explain your answer.
The different types of insurances that businesses carry are health insurance, workers compensation insurance, liability insurance, and insurances that protect against theft and weather. The government requires the liability and the workers compensation. Other insurances that you would want though even though there not required is if you get robbed, weather destroying your business and life insurance.
Josh Spilewski + Jackie Boudreau
chris melo
1)selling tobacco and alcohol you need a license and it protects the people by regulating who can sell these products and they take monthes to get with a long screening process so that these items are in the right hands
2)all businesses musthave workmans comp because if they get huirt on the job they must be covered and payed for by there employers or else they can be sued
3)all employers must offer health insurance because most people depend on there jobs to get health insurance another is dental not all places carry dental because some people dont have dental insurance and so on and so forth
1.It protects them so people dont just claim to have a job and steal someone elses. A nurse requires a license and doctor.
2.
1) To make sure that the company is allowed and trained to provide this product or service. Marine Merchant and exporting.
2) It's if you can't work for any reason, you have insurance that will pay for you while you are out of work for a period of time until you return. Many large bussinesses have this because there are many employees that will get hurt and will need it.
3) Many of the insurances that bussinesses carry afre often regulated bu the government because alots of things can happen to employees and need to be covered or the bussiness will have to play for it and will become in debt without different kinds of insurance like medicare,social, and federal
Ross Parlon
1.It shows that the workers know what they are doing. Barbers and beauticians.
2.It is that if you can't work for a long period of time the insurance will pay for you to be out of work. Many large businesses have this
3.Most of the insurances that businesses have are ran by the government. The government runs this because if something happens to the employees abd they don't have the insurance then the business will end up loosing money and sooner or later go into bankruptcy. An example of this is medicare.
-Kameron Campbell
A. A business license is a legal authorization in document form issued by municipal and for the state governments so the business can be open. It protect consumers so that its for their safety and so they don’t get ripped off, 2 types of businesses that require a license is liquor stores and restaurants.
B.Workers comp is an insurance that covers job related injuries to employees it is paid by employers as required by the government. All businesses must have it. The government requires a business to do this because it prevents a lot hurt to the business and legal matters to occur.
C.The different types of insurances that businesses carry are workers compensation insurance health insurance liability insurance and insurances that protect against theft and weather. The government makes the liability and the workers compensation. Other insurances that you would want though even though there not required is if you get robbed, weather destroying your business and life insurance.
Adam & Ali
Tom Watson
10/27/07
#1. Some business need licenses because it protects the consumers because then they know that they have the knowleged and know what they are doing to fixed the problem that they have.Two tpyes of businesses are doctors and electricion.
#2. Workers compensation is when you get hurt on the job so after you are ok to go back to work you can and you also got paid, and you werent even working so you still are getting money for your needs, or your jod requires that you need a licence and you lose it you can have workers comp so when you get it back you can go back to work as soon as you get your licence back. Any tpye of business has to have workers comp. The government requires this because may people get hurt at ther jobs.
#3. Any tpye of insurance business is ran by the government. Like weather, medical, theft all require government regulation.
Stephanie Bryant
Period F
1.)The government requires some businesses to obtain licenses. How does this protect consumers? Name two types of businesses that require a license.
This protects consumers because it tells the person that the particular business in question is well qualified, and meets state requirements as far as safety goes. It also helps consumers to feel better about the fact that any old person can't just jump into a business and start running it without having a clue about what they're doing first, thus, getting licensed.
Two examples of businesses that require licenses would be a Daycare Service, and a Doctor.
2.)What is workers' compensation insurance? What size businesses must carry this insurance? Why do you think the government requires business to do this?
Workers' compensation insurance is
insurance required by law from employers for the protection of employees while engaged in the employer's business in case of job-related injurys or illnesses. All size businesses must carry this insurance. The government requires businesses to do this in order to keep their workers safe, and prevent lawsuits from taking place.
3.)Read about the different kinds of insurance businesses often carry. Which of these do you think are required by government regulation? Should any other types of insurance be required? Explain your answer.
The types of insurance that I think are required by government regulation would be workers' compensation and liabilty insurance. I also think that other types of insurance such as theft and weather related insurance should be required for businesses, in order to protect them from being robbed, or from the weather ruining and tearing apart their business.
1. it makes sure that all businesses are doing what they need to to keep the customer safe
-taxicabs
-liquor establishments
2. Workers compensation insurance protects those who are injured on the job. Any business that is linked to a hazardous industry such as contruction, typically bigger businesses. It helps keep workers safe on the job and reduces law suits
3. Health, Dental
These are not required for all businesses but they should be because everyone should have a type of health care
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