What are the steps taken by the fovernment to ensure the protection of cinsumer in the marketplace?
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Steps taken by the govt to protect the consumer in market place:
The government has commissioned several institutions charged with activities geared towards protecting the consumer. Additionally, the government plays an important role in the passage of laws aimed at consumer protection.
For instance, the Federal Trade Commission (FTC) has a Bureau of Consumer Protection, which is charged with stopping fraudulent and deceptive business practices aimed at swindling the customer. The Bureau collects and investigates complaints forwarded by consumers. Lawsuits are initiated against the businesses, which may result in payment of damages or closures.
The Food and Drug Administration (FDA) plays an important role in ensuring that the food and drugs available for consumption meet health and safety standards. The FDA ensures that the consumer is protected from harmful products through regulation and enforcement of stipulated laws.
Laws such as the antitrust laws protect consumers by ensuring that healthy competition remains in effect in the market. Healthy competition ensures that businesses do not take advantage of the market to adversely exploit the consumer by creating monopolies and abusing its power.
The government has commissioned several institutions charged with activities geared towards protecting the consumer. Additionally, the government plays an important role in the passage of laws aimed at consumer protection.
For instance, the Federal Trade Commission (FTC) has a Bureau of Consumer Protection, which is charged with stopping fraudulent and deceptive business practices aimed at swindling the customer. The Bureau collects and investigates complaints forwarded by consumers. Lawsuits are initiated against the businesses, which may result in payment of damages or closures.
The Food and Drug Administration (FDA) plays an important role in ensuring that the food and drugs available for consumption meet health and safety standards. The FDA ensures that the consumer is protected from harmful products through regulation and enforcement of stipulated laws.
Laws such as the antitrust laws protect consumers by ensuring that healthy competition remains in effect in the market. Healthy competition ensures that businesses do not take advantage of the market to adversely exploit the consumer by creating monopolies and abusing its power.
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