Business society and law pdf

What do you mean by business and society?
Business may refer to any organisation engaged in the production and trading of goods, services or both in exchange for financial reward leading to the satisfaction of profit maximization motives of that organisation.
Society may be defined as a community or nation sharing same or similar values or interests..
What is the main purpose of the law?
Laws protect our general safety, and ensure our rights as citizens against abuses by other people, by organizations, and by the government itself.
We have laws to help provide for our general safety.
These exist at the local, state and national levels, and include things like: Laws about food safety..
As alluded to in the prior section, there are four primary purposes of law: maintaining order. establishing standards. resolving disputes. protecting individual rights and liberties.
It states that business law has a significant role in all kinds of business, trade, affairs etc. every business have there own principles and policies hence it is important to regulate them with uniform laws, and since every country has there own laws and regulation to create uniformity in their country.

American legal system intended to promote competition among businesses

In the United States, antitrust law is a collection of mostly federal laws that regulate the conduct and organization of businesses to promote competition and prevent unjustified monopolies.
The three main U.S. antitrust statutes are the Sherman Act of 1890, the Clayton Act of 1914, and the Federal Trade Commission Act of 1914.
These acts serve three major functions.
First, Section 1 of the Sherman Act prohibits price fixing and the operation of cartels, and prohibits other collusive practices that unreasonably restrain trade.
Second, Section 7 of the Clayton Act restricts the mergers and acquisitions of organizations that may substantially lessen competition or tend to create a monopoly.
Third, Section 2 of the Sherman Act prohibits monopolization.

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Business society and law pdf

What do you mean by business and society?

What is the main purpose of the law?