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Consumer Rights: Economics and Government Regulations

Explore the role of government in protecting consumers from harmful products, unfair practices, and monopolies in this engaging textbook. Learn about historical anti-trust laws and regulatory agencies. Understand how government promotes competition and safeguards public goods. Should consumers face contaminated or breakable products, or high prices, who can help? Dive into the world of economic decision-making with this informative resource.

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Consumer Rights: Economics and Government Regulations

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  1. Economics & Economic Decision Making Grab A Textbook! Caveat Emptor Start working on cartoon question sheet you picked up at the door.

  2. Let the Buyer Beware!! • Should consumers be faced with: • Contaminated products? • Extremely High Prices? • Breakable Products? • Who Can We Go To For Help?

  3. What is the role of Gov’t? • Promote and encourage competition • Prevent monopolies or regulate industries where monopolies are necessary • Protect the consumer from unfair practices or harmful g&s • Fulfill needs for public goods

  4. One of the Big Fights: • Led by Progressive Presidents (like the MAN, Teddy Roosevelt) the federal government finally started going after businesses that were corrupt and taking advantage of workers and consumers.

  5. Historical Anti-Trust Legislation • Trust: legally formed mergers of corporations or companies • ANTI-TRUST = ANTI-MONOPOLY

  6. Anti-Trust Laws • Sherman Anti-Trust Act -1st law that halted the growth of trusts & monopolies • Clayton Antitrust Act -strengthened Sherman and outlawed price discrimination • Federal Trade Commission Act -established FTC to regulated unfair competition (4) Robinson-Patman Act -forbade discriminatory discounts & rebates

  7. Governmental Regulatory Agencies • A veritable alphabet soup!! Names to know: • FDA • FAA • FCC • EPA • OSHA • CPSC Open Your Books to Page 180

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