Government Regulation of Business – SS3 Commerce Lesson Note (First Term)

SPECIFIC OBJECTIVES: At the end of the lesson, pupils should be able to

1. Discuss the methods through which the government regulates businesses
2. Give reasons why the government regulates businesses

Instructional techniques: 

• Identification, 
• explanation, 
• questions and answers, 
• demonstration, 
• videos from source

Instructional materials: 

• Videos, 
• loudspeaker, 
• textbook, 
• pictures

NOTE

Government regulation of businesses

1. Patent rights: This right is granted to an inventor for his invention over a stipulated period to avoid fakes or imitation
2. publication of accounts: Public Liability Companies(Plc) are mandated to publish their annual reports for the general public
3. Registration of businesses: It is mandated by the Companies Act to register every company under the Corporate Affairs Commission(CAC) before the business can commence. Then they are issued with a certificate of incorporation and certificate of trading before the organisation can commence business
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.
5. Trademark: A trademark is an identification mark registered by the owner to distinguish his products from those of other competitors.
6. Use of standard weights and measures: Companies are mandated to use the standard weights and measures for the products for sale
7. Ensure the production of safe and healthy products
8. A tax is imposed on the profits of business enterprises
9. Establishment of regulatory bodies such as NAFDAC, SON, etc

 Reasons for government regulation of businesses

1. For the production of safe and high-quality goods
2. to generate revenue for infrastructural projects
3. to curb monopoly
4. To ensure interrupted availability of goods
5. For uniformity in commercial activities
6. To enhance economic growth and development
7. to ensure rules and regulations are complied with

EVALUATION:   

1. Discuss methods through which the government regulates businesses

1. Give reasons why the government regulates businesses

CLASSWORK: As in evaluation

CONCLUSION: The teacher commends the students positively