Key Terms - Legislation

Question 1

Anti-competitive or Restrictive practices

Answer 1

Attempts by firms to prevent or restrict competition

Question 2

Barriers to entry

Answer 2

Factors that make it difficult or impossible for new firms to enter the market and compete with existing producers

Question 3

Collusion

Answer 3

Two (or more) businesses agreeing to a restrictive practice, such as price fixing

Question 4

Contract of employment

Answer 4

A written agreement between an employer and an employee in which each has certain obligations

Question 5

Discrimination

Answer 5

Favouring one person over another, can be for specific reasons.

Question 6

Employment tribunal

Answer 6

A court that deals with cases involving disputes between employers and employees

Question 7

National minimum wage

Answer 7

A wage rate set by the government which paying workers below it is illegal

Question 8

Unfair dismissal

Answer 8

The illegal dismissal of a worker by a business