legislation Flashcards
1
Q
What is meant by the term legislation?
A
laws passed by parliament/EU
- rules a business has to adhere to
2
Q
examples of legislation
A
• Consumer protection
• Employee protection
• Environmental protection
• Competition policy
• Health and safety
3
Q
what are the costs of a business following legislation?
disadvantage
A
• Financial cost of paying the requirements
• Administration and legal advice required
• Reduced flexibility of employees
• Less competitive against foreign firms where laws are more lax
4
Q
what are the benefits of following legislation?
A
+ Higher employee motivation
+ Reduced labor turnover / absenteeism
+ Avoid fines for failing to comply
+ Positive reputation
5
Q
legislations are designed to:
A
- regulate the rights and duties of people carrying out business
- ensure the treatment of employees is fair
- protect investors, creditors, consumers
- ensure a level playing field for competing businesses
- regulate dealings between a business and its suppliers
