About This Chapter
Consumer Protection - Chapter Summary
In this small business chapter, our expert instructors break down important consumer protection considerations, laws, regulations and restrictions. You'll examine various types of consumer rights and take a look at the government agencies that work to protect consumers. You'll also define concepts and laws such as product liability and antitrust laws.
You can make sure you fully understand these consumer protection concepts by taking the practice quiz that follows each lesson, and for your convenience, you can study these lessons at any time that fits your schedule. These lessons can help you:
- Evaluate the five major consumer rights that were introduced by President Kennedy, including safety, choice, voice, information and redress
- Differentiate between several government regulation agencies that protect consumers
- Explain three theories pertaining to product liability
- Outline different types of antitrust laws and what they're used for
- Assess the effects that compliance and regulatory restrictions have on businesses
1. Five Major Consumer Rights
Consumers should expect safe products and ethical behavior from businesses. While there is not any official regulation, President Kennedy introduced four of the five major consumer rights: safety, information, choice, voice and redress.
2. Government Regulation Agencies for Consumer Protection
You will learn about the government regulatory agencies that protect consumers. We'll discuss what the acronyms CFPB, CPSC, FTC, FDA, NHTSA, and SEC stand for and their organizations' responsibilities.
3. What Is Product Liability? - Definition & Laws
Businesses are held responsible when their products are defective, known as product liability. Liability can be based on one or more of three theories: Breach of warranty, negligence, and strict liability. This lesson explains these three theories.
4. Antitrust Law: Definition, Types & Outline
Antitrust laws are statutes developed to protect consumers from rapacious business practices by making it illegal for businesses to compete in unfair ways.
5. The Business Effects of Regulatory Restrictions & Compliance
Did you know that regulatory restrictions and compliance have direct effects on business? The effects can be positive or negative, and as is the case with anything related to government, it's often politicized.
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