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The Influence Of Law In Business

936 words - 4 pages

The Influence of Law in Business Practice
Intro to Business & Technology
March 23, 2014

The Influence of Law in Business Practice

There are several laws in the United States that are meant to set a standard for fair, balanced, and competitive business practices. These are, by design, a way to ensure that trade- international as well as domestic- is done in a reputable and progressive fashion. There are many aspects that come in to scrutiny in considering whether a business is operating in a way that is fair: one view on this subject I found was related to The Eagle and The Condor Theory. “There is no universally recognized definition of Fair Trade, but its principles and ...view middle of the document...

S.A.” when that isn’t true. The Federal Trade Commission sets a standard for what would qualify a product to be marketed under the pretense that it is made in the U.S.A., which would make purchasing the product more likely based on such a claim. The Federal Trade Commission is also responsible for monitoring claims of false advertising. An example would be when a company advertises an item at a sale price, and then upon going to purchase the item, has a different price marked. We do need protection from things like this to prevent a business from taking advantage of consumers. Without regulation from a commission like the Federal Trade Commission, we would be powerless in the marketplace when we come across situations like these.
The Federal Trade Commission is also responsible for ensuring competitive and fair marketing, so as not to allow a big business to bully smaller companies. This would be similar to a major retail store purchasing the exclusive right to sell a product. That would give to store free reign over what to charge consumers for the product. With the product not available anywhere else, there is no competition among retailers so consumers are forced to pay whatever price is set by the store. Another way businesses are regulated so they are fair is by not allowing price gouging to push a smaller company out of business. Price gouging would be like a company buying such a large quantity of an item that there isn’t a fair amount left for other companies to purchase, and then lowering the price indefinitely to a below-cost rate, making it impossible for any other company to sell any of the item. Things like this make it important to have a commission in place to provide protection against such things. Without protection, smaller businesses couldn’t enter in to or survive in any type of...

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