2.5.2 Legislation Flashcards

1
Q

What is Legislation?

A

Legislation involves creating and enacting laws in order to protect individuals, firms and society as a whole

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

What do Consumer protection laws protect the consumer from?

A

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)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Why are Consumer protection laws important?

A

More technologically advanced products
Pressurised selling techniques
Increased globalisation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

What do Employee protection laws do?

A

Safeguarding employees’ rights in the workplace

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

What rights are gantentees for individual employees:

A
Equal pay 
Sex Discrimination 
illegal to discriminate based on colour
Disability Discrimination 
Working Time Regulations (48 Hours a week)
National Minimum Wage
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

What do Environmental protection laws do?

A

These laws help to ensure that firms do not have a negative impact on the environment

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

What have Environmental protection laws resulted in?

A

New environmentally friendly production
New products that meet higher environmental standards
Greater use of recycling

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

What is a monopoly?

A

A monopoly exists where there is only one firm in the market

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

What makes a monopoly?

A

The Government refer to any company that has at least 25% market share as having monopoly powers

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

What does a monopoly do for a business?

A

Market power is the ability of a firm to set price above those that would be charged if there were competition

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Health and safety

A

These laws look after the welfare of employees in the workplace

How well did you know this?
1
Not at all
2
3
4
5
Perfectly