Business legislation has been created for three basic reasons: to protect companies from each other, to protect consumers, and to ________.

Question

Quizplus · Accepted Answer

Business legislation is created to protect the interests of society as a whole. This includes protecting public health and safety, protecting the environment, and promoting ethical business practices. While some regulations may indirectly affect prices or increase world trade, these are not the primary reasons for legislation. Regulating monopolies is a specific aspect of protecting competition among companies. Promoting social responsibility is an important goal, but not the main reason for creating business legislation.

Business Legislation Has Been Created for Three Basic Reasons: to Protect