Management and Organizational Studies 2275A/B Chapter Notes - Chapter 24: Consumer Product Safety Act, Consumer Protection, Free Market

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 2275A/B
• Professor: Philip King

Document Summary

Chapter 24 - consumer protection and competition law. Theme running through consumer protection law and competition law is that the law tries to achieve a balance between: The protection of the marketplace as a whole with vulnerable participants. Free market left unregulated leads to exploitative and monopolistic behavior. Government regulations increases cost of doing business and creates barriers to entry. Where balance between free market and government regulation ought to be is a matter of some debate. Law tries to promote free market while imposing regulations on business in order to ensure fair competition and protect consu mers. Consumer = an individual who purchases goods or services primarily for personal, domestic or household purposes. Law recognizes consumers are in need of greater protection than non-consumers and his recognition is based on assumption that consumers are at disadvantage compared to businesses. Consumer protection laws address a number of concerns including: Labelling and packaging requirements, and matters relating to remedies and enforcement.