History and Background Of Consumer Protection (Essay Sample)
Hi, this is a business law paper, it is about the consumer protection etc. The detail requirement is inside the uploaded outline, please read carefully. Thank you.
Final paper outline
Chapter 19 Consumer Protection
What is consumer protection about?
History, background and development?
How many consumer protection law and what each one is applied for?
- Food and drug regulation
- FTC and consumer protection
- Consumer Credit Protection
Consumer Financial Protection Bureau
New Jersey Consumer Fraud Act
One case analysissource..
In an economic system, where much of the dynamics revolve around the demand and supply; it is likely that some of the traders may take advantage of the consumers to make extra profit. This is at the expense of the consumers financial or even health stability. The capitalist system largely relates to the entrepreneurs owning the means of production and maximizing the profits along the production line. It is for this reason that the government takes the initiative of controlling the various aspects of trade, to ensure that the consumers are protected. Ideally this is to mean that the government works to protect the consumers from fraud, deception and unfair business practices. It is a common aspect, where traders will try to swindle the consumers with fake products. This means that the trader in this case will be selling the consumer a product that is not genuine at a price that is inflated to reflect the original product (U.S. Food and Drug Administration, 2017). For example, it is common for consumers to be sold fake Rolex watches as these are prestigious and not so many consumers are aware of the fake products in the market, or even how to check if a product is genuine. As such considering that most of the markets in the global markets are within the free markets, there is need for control. The consumer protection aspect refers to the group of laws that are designed to offer fair trade regulations, control the aspects of competition among the traders in the market, make sure th
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