What are five things that will influence your ethics?
Many individual factors affect a person’s ethical behavior at work, such as knowledge, values, personal goals, morals and personality. The more information that you have about a subject, the better chance you will make an informed, ethical decision.
What are the three major antitrust laws?
The three major antitrust laws in the U.S. are:
- the Sherman Act;
- the Clayton Act; and.
- the Federal Trade Commission Act (FTCA).
How do antitrust laws work?
Antitrust laws protect competition. Free and open competition benefits consumers by ensuring lower prices and new and better products. In a freely competitive market, each competing business generally will try to attract consumers by cutting its prices and increasing the quality of its products or services.
What is ethical Behaviour in the workplace?
Ethics in the workplace is defined as the moral code that guides the behavior of employees with respect to what is right and wrong in regard to conduct and decision making. Furthermore, ethical behavior doesn’t only apply to individual employees, the organization itself should exemplify standards of ethical conduct.
Why is fair competition important?
Barriers to competition are pervasive and harm innovation, productivity and growth – in developing countries. Fair competition matters, both for economic growth and for reducing poverty. An effective competition policy allows innovative new entrants an important role in the development process, and promotes growth.
Why is it called antitrust?
Antitrust law is the law of competition. Why then is it called “antitrust”? The answer is that these laws were originally established to check the abuses threatened or imposed by the immense “trusts” that emerged in the late 19th Century.
What is an example of ethical behavior?
What are examples of ethical behavior? Ethical behavior includes honesty, integrity, fairness and a variety of other positive traits. Those who have others’ interests in mind when they make decisions are displaying ethical behavior. In the workplace, there might be a standard for ethics set throughout the company.
What does fair competition mean?
competition reasonable in view of
What is competition law designed for?
Competition law is designed to protect businesses and consumers from anti-competitive behaviour. The law safeguards effective competition in order to deliver open, dynamic markets and enhanced productivity, innovation and value for customers.
Who does CMA aim to protect?
Our responsibilities we investigate entire markets if we think there are competition or consumer problems. we take action against businesses and individuals that take part in cartels or anti-competitive behaviour. we protect consumers from unfair trading practices.
What are the challenges to ethical behavior?
In business, many of these ethical challenges appear in the form of bribes, conflicts of interest, issues of honesty and integrity, and whistle-blowing.
What is an example of an antitrust violation?
The most common antitrust violations fall into two categories: (i) Agreements to restrain competition, and (ii) efforts to acquire a monopoly. In the case of a merger, a combination that would likely substantially reduce competition in a market would also violate antitrust laws.
What is meant by fair sports?
Fair competition, respect, friendship, team spirit, equality, sport without doping, respect for written and unwritten rules such as integrity, solidarity, tolerance, care, excellence and joy, are the building blocks of fair play that can be experienced and learnt both on and off the field. …
What are the three main factors that affect ethical behavior in the workplace?
Individual, social, and opportunity factors all affect the level of ethical behavior in an organization. Individual factors include knowledge level, moral values and attitudes, and personal goals.
Does competition destroy ethical Behaviour?
When unethical behavior cuts costs, competition drives down prices and entrepreneurs’ incomes, and thereby reduces their willingness to pay for ethical conduct. Higher incomes raise the willingness to pay for ethical behavior, but may also change what people believe to be ethical for the better.
Why was MRTP Act discontinued?
Hemant Singh. The Monopoly and Restrictive Trade Practice Act 1969 became obsolete in the present world of throat cutting competition. The MRTP Act prevent the expansion of the companies whose assets was 100 crore, because these companies need to take government permission to expand their business.
What do you understand by competition law?
Competition law is a law that promotes or seeks to maintain market competition by regulating anti-competitive conduct by companies. Competition law is implemented through public and private enforcement. Since the 20th century, competition law has become global.
Is it possible to be both a strong competitor and also ethical in business?
In one sense, the answer is clearly “yes.” There are plenty of examples of businesses and their employees who make good decisions that also turn out to be profitable.
Who does competition law apply?
This mainly applies to businesses that have a large market share, usually 40 per cent or more. Other factors taken into consideration in determining whether a company is dominant include the number and size of competitors and customers and whether new businesses can easily set up in competition.
What is abuse of dominance competition law?
Abuse of a dominant position occurs when a dominant firm in a market, or a dominant group of firms, engages in conduct that is intended to eliminate or discipline a competitor or to deter future entry by new competitors, with the result that competition is prevented or lessened substantially.
Why is the Competition Act important for businesses?
The benefits of competition are well known: lower prices and more product choice for consumers, and more efficient, dynamic and innovative firms. Competition promotes quality, efficiency and consistent improvement, and it disciplines firms to the challenges of the marketplace.
What are the main objectives of competition policy?
[Article 1] This Act, by prohibiting private monopolization, unreasonable restraint of trade and unfair trade practices, by preventing excessive concentration of economic power and by eliminating unreasonable restraint on production, sale, price, technology and the like, and all other unjust restriction of business …
What are the components of Competition Act?
Two of the main features of the Competition Act, 2002 is the framework it provides for the establishment of the Competition Commission, and the tools it provides to prevent anti-competitive practices and to promote positive competition in the Indian market.