2.5.2 Legislation Flashcards
What is Legislation?
Legislation involves creating and enacting laws in order to protect individuals, firms and society as a whole
What do Consumer protection laws protect the consumer from?
Consumer protection laws protect the consumer from firms with regards the quality of goods or services sold
Trades descriptions act (no misleading claims)
Sale of goods Act (SOGA product must be fit for purpouse)
Why are Consumer protection laws important?
More technologically advanced products
Pressurised selling techniques
Increased globalisation
What do Employee protection laws do?
Safeguarding employees’ rights in the workplace
What rights are gantentees for individual employees:
Equal pay Sex Discrimination illegal to discriminate based on colour Disability Discrimination Working Time Regulations (48 Hours a week) National Minimum Wage
What do Environmental protection laws do?
These laws help to ensure that firms do not have a negative impact on the environment
What have Environmental protection laws resulted in?
New environmentally friendly production
New products that meet higher environmental standards
Greater use of recycling
What is a monopoly?
A monopoly exists where there is only one firm in the market
What makes a monopoly?
The Government refer to any company that has at least 25% market share as having monopoly powers
What does a monopoly do for a business?
Market power is the ability of a firm to set price above those that would be charged if there were competition
Health and safety
These laws look after the welfare of employees in the workplace
