Discuss why business legislation is enacted. Provide examples
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Business legislation is enacted to protect companies from each other, to protect consumers from unfair business practices, and to protect the interests of society against unrestrained business behavior. Several laws are designed to prevent unfair competitive practices between businesses; in the United States, these laws are enforced by the Federal Trade Commission FTC) and the Antitrust Division of the Attorney General's office. An example of such a law is the Sherman Antitrust Act that prohibits monopolies and other activities that restrain trade. Laws to protect consumers are designed to prevent deceptive advertising, packaging, and pricing, among other harmful practices. Examples of this type of law include the Fair Packaging and Labeling Act and the Consumer Product Safety Act. Finally, regulations to protect the interests of society require companies to take responsibility for the social costs of their products and/or production practices. An example of this type of law is the National Environmental Policy Act.
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