Consumer Protection

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Knowledge is power. It is important for consumers to be safe from faulty products and predatory producers.

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Consumer Protection

  1. 1. Consumer ProtectionHow can citizens take steps to protectthemselves financially? How does the government try to protect citizens?
  2. 2. Consumer Protection What is “Consumer Protection?  Protection by the government from business practices that are unfair, deceptive, or fraudulent Why legislation (laws)?  Products are complicated and consumers cannot know everything about them.
  3. 3. Consumer Protection The Federal Trade Commission (FTC) is the main government agency tasked with regulating businesses in order to protect consumers.
  4. 4. Consumer Protection The FTC’s Bureau of Consumer Protection assists consumers with  identity theft issues,  getting credit and loans,  equal opportunities in jobs and education,  business scams  and much more.
  5. 5. Consumer Protection How are consumers protected from business practices that are unfair, deceptive or fraudulent?
  6. 6. Consumer ProtectionTrade-offs for protection1. businesses must spend money on research and testing  this price is passed on to consumers2. competition may be reduced  hard for new or small businesses to stay in business3. the introduction of new ideas can be slowed  testing is time consuming

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