Regulation of Business Employment, Environment and Antitrust Flashcards
Age Discrimination in Employment Act
prohibits discrimination against people who are 40 and older
Americans with Disabilities Act
prohibits discrimination against differently abled persons (both physical and mental)
Bona fide occupational qualification
employer’s defense to a claim of employment discrimination based on Title VII
Consolidated Omnibus Budget Reconciliation Act
Allows former employees, at their own expense, to continue coverage of their group health plan for up to 18 months after losing their job
Employee Retirement Income Security Act
regulates company pension plans
Fair Labor Standards Act
regulates minimum wage, employment hours and child labor
Family and Medical Leave Act
allows employees to take up to 12 weeks of unpaid leave to deal with family and medical issues
Federal Insurance Contributions Act
Law that requires employers and employees to each pay half of the social security tax.
Federal Unemployment Tax Act
provides temporary payments to workers who have lost their jobs through no fault of their own
National Labor Relations Act
regulates union/management relationship
Occupational Safety and Health Act
creates workplace standards for health and safety
Social Security Act
provides income/benefits to retirees, disabled workers, and dependents of deceased workers
Title VII of the 1964 Civil Rights Act
prohibits discrimination on the basis of race, color, religion, national origin, or gender in all aspects of employment
Worker’s compensation
provides payments to workers for injuries that are sustained at work or that arise out of work. No-fault system
Clean Air Act
Establishes air quality standards that states enforce
Clean Water Act
Establishes water quality standards that states enforce
Comprehensive Environmental Response, Compensation, and Liability Act
creates a strict liability system for the cleanup of hazardous waste sites and spills
Environmental compliance audit
voluntary review by a company to ensure that it is in compliance with the various environmental laws
Environmental impact statement
report required for any federal action that will significantly impact the environment
Environmental Protection Agency
Primary enforcer and administrator of environmental laws and regulations
State implementation plan
submitted by state to show the EPA how the state will achieve the environmental standards set by the EPA
Horizontal restraint
agreement among competing economic entities that limits competition
Merger
Two separate economic entities that combine into one company. Mergers that result in a substantial lessening of competition violate antitrust laws
Monopolization
when a firm has a monopoly power in the relevant market and keeps others out of the market through methods other than legitimate competition
Monopoly power
Firm has ability to exclude competitors and control prices in the relevant market
Per se rule
applies to inherently anticompetitive activities that are automatically illegal
Price discrimination
sellers charging different buyers different prices for the same product
relevant market
meaningful areas of competition, both geographically and by product
Restraint of trade
agreement that limits competition
rule of reason
balances the procompetitive effects of a Restraint of Trade agreement versus the anticompetitive effects
Treble damages
one of the remedies for a private party who successfully proves an antitrust violation; party receives three times its actual damages
Tying arrangement
seller of a desired product forces a buyer to purchase an additional product if the buyer want the desired product
Vertical restraint of trade
agreement between separate economic entities in the chain of distribution that limits competition
Title VII
Portion of the Civil Rights Act that forbids discrimination in employment on the basis of race, color, religion, sex or national origin
