legal factors

Question 1

what is legislation?

Answer 1

involves creating and enacting laws to protect individuals, businesses, and society.

Question 2

what is the summary of legislation and impact on businesses and stakeholders when is comes to company law?

Answer 2

-covers the actions taken in setting up and running a business
->limited liability
->incorporation so companies are a separate legal entity to investor

Question 3

what is the summary of legislation and impact on businesses and stakeholders when is comes to employment and anti-discriminatory?

Answer 3

-safeguarding employees’ rights in the workplace
-anti-discriminatory law is made to protect workers within workplace
->wage discrimination will make pay differ to people
->help with lower tax

Question 4

what is the summary of legislation and impact on businesses and stakeholders when is comes to consumer protection?

Answer 4

-protects the consumer from firms with regards of the quality of goods and services sold
->all laws raise price to maintain
->customers get best products at fair prices

Question 5

what is the summary of legislation and impact on businesses and stakeholders when is comes to competition policy?

Answer 5

-looks to promote fair competition in markets and stop the abuse of consumers by businesses due to monopoly power. means price fixing is illegal
->get monopoly power
->free and fair competition

Question 6

what is the summary of legislation and impact on stakeholders when is comes to health and safety?

Answer 6

-looks after the health and safety of employees in the workplace
->helps employees

Question 7

what is the summary of legislation and impact on businesses and stakeholders when is comes to data protection?

Answer 7

-act outlines the rules an organisation must follow when holding personal information
->rules are strict
->protects private rights

Question 8

what is the summary of legislation and impact on businesses when is comes to intellectual property?

Answer 8

-innovation, copyright
->stops copy rights, protection of a unique feature of a product

Question 9

how does an increase in minium wage impact businesses?

Answer 9

increased costs for businesses

Question 10

why do you think the national living wage should increase?

Answer 10

-encourages people to supply labour
-reduces inequalities
-reduces welfare burden

Question 11

why do you think the national living wage should decrease?

Answer 11

-may create unemployment
-reduces uk competitiveness
-interferes with the working of the market