| A | B |
|---|
| Administrative law - | A type of law that deals with the regulation of business; it is usually made, and enforced, by government agencies. |
| Antitrust law- | Laws passed by state and federal governments to prevent monopolies. |
| Common law- | The legal decisions made by English courts over hundreds of years, as well as the customs of the people, upon which many U. S. laws are based. |
| Deregulation - | The removing of some type of regulation. |
| Price fixing- | An agreement in which competing businesses agree to sell their products at the same prices or to change prices at the same time to avoid competitive pricing. |
| Uniform Commercial Code- | A set of laws that are the same throughout the country and that are used to control and regulate business transactions. |
| Interstate commerce- | Business activities that affect people or businesses in two or more states. |
| Sherman Act- | This Act prohibits any agreement between businesses to restrain trade. |
| Civil Rights Act- | This Act forbids businesses to discriminate against women and minorities in their hiring practices. |
| Clayton Act- | This Act governs fair competition by forbidding practices that lessen competition. |
| Fair Labor Standards Act- | This Act affects business operations by requiring certain employers to pay their employees a minimum hourly wage, plus at least one and one half times that amount for all hours worked in excess of 40 hours per week. It also regulates the employment of minors by determining the hours that minors may work, the minimum age of employment, and the occupations for which minors may not be hired. |
| Equal Employment Opportunity Commission- | A federal organization created to take action against businesses that are accused of discrimination. |
| Federal Trade Commission- | A federal agency responsible for making sure that competition is maintained in the economy. |
| Securities and Exchange Commission- | A federal organization that regulates how stock may be sold by publicly owned corporations. |
| Question: Compare ethical business practices and legal practices. | Ethical practices focus on right and wrong conduct in the business |
| Question: Name a law that impacts business practices. | Answer: Civil Rights Act |
| Question: How does the Fair Labor Standards Act benefit today’s youth? | • Answer: This Act prevents unfair labor practices as it relates to youth. |
| Question: Describe an illegal business practice. | Answer: Falsifying time cards/payroll records. |
| Question: Give an example of a major legal issue affecting today’s business practices. | • Answer: Example – international trade |
