Local, National Laws and Regs applied to trading locations - Business Context Flashcards
(17 cards)
What is the business context regarding trading locations?
Local and national laws and regulations applied to the trading location.
What should learners be able to discuss by the end of the session?
Learners should be able to discuss the local and political environments in relation to trading locations.
What are the different types of trading locations for businesses?
Different types of trading locations are designed to suit the needs of various business activities such as manufacturing, administration, digital products, retail, ore extraction, and services.
What is the definition of trading?
Trading is an economic concept that identifies trading as the buying and selling of goods and services.
What are the two main types of goods exchanged in trading organizations?
Goods are tangible products, while services are intangible ‘goods’ that cannot generally be physically touched.
What is primary legislation?
Acts of law passed by parliament are referred to as ‘statutes’.
What is secondary legislation?
Secondary legislation is created by government ministers, the Crown, and public authorities.
What are the main differences between law and regulation?
Primary legislation affects the whole population, while secondary legislation specifically impacts organizations, staff, and customers.
What are the three main areas of primary legislation that impact business organizations?
- Consumer protection. 2. Competition law. 3. Employment law.
What is the aim of competition law?
Competition law aims to protect healthy competition by ensuring business organizations do not engage in anti-competitive agreements or practices.
What does the Competition Act 1998 prohibit?
It prohibits anti-competition practices such as rigging bids, fixing prices, limiting production, and sharing markets.
What is the purpose of the Enterprise Act 2002?
The purpose of this act is to tighten controls on competition law and penalize organizations operating in an anti-competitive manner.
Who enforces competition law?
The Competition and Markets Authority (CMA) is empowered to enforce the prosecution of anti-competitive activity.
What are the consequences of failing to comply with employment law?
Consequences include court action, expensive legal fees, fines, damage to brand reputation, and potential loss of sales.
Who administers local trading standards?
The Citizens Advice Consumer Services collects and administers consumer complaints on behalf of the Trading Standards Office.
What services do local authorities offer to support businesses?
Local authorities issue trading licenses, approve planning applications, enforce environmental requirements, and ensure compliance with health and safety requirements.
What is the aim of the Environment Act 2021?
The aims include increasing recycling, improving air and water quality, tackling waste disposal, halting species decline, and improving the natural environment.
