Legal Environment Flashcards
Cartels definition
Cartels exist when two or more businesses collude to control prices and/or production levels to limit the extent of competition within a market.
Anti-competitive practices definition?
Anti-competitive practices are actions taken by businesses to limit the extent of rivalry that exists within a particular market, or the use of unfair trading activities.
What is meant by a dominant market position?
A dominant market position is a position of economic strength enjoyed by a business which enables it to prevent effective competition being maintained within a market.
What is a merger?
A merger is the joining together of two businesses to form a new, larger enterprise.
What are some key UK competition laws?
1) Competition Act, 1998
2) The Enterprise Act, 2002
3) Enterprise and Regulatory Reform Act, 2013
What is the competition act, 1998?
The Competition Act prohibits cartels and abuses of dominant market position.
Fined up to 10% of worldwide sales revenue.
What is the Enterprise Act, 2002?
The Enterprise Act amended the competition act and strengthened the power of the UK authorities to deal with anti-competitive practices and market dominance.
What is the Enterprise and Regulatory Reform Act, 2003?
The Enterprise and Regulatory Reform Act was established with the aim of providing financial support for environmentally-friendly business practices.
Also simplified and strengthened laws relating to equality in employment.
What is individual labour law?
Individual labour law relates the rights and obligations of individual employees.
What is collective labour law?
Collective labour law covers the activities of trade unions and the conduct of industrial relations.
