Question

• How important are laws to protect the prosperity of businesses?
• How important are laws to protect society from the (perhaps unintended) costs of business?
• How important are laws to protect our Earth from the (perhaps unintended) costs of business?
• How important are law to protect the health of the environment?
• What balance should laws seek to maintain the rights of businesses and the rights of their customers?
• What balance should laws seek to maintain the rights of businesses and consumers and related impact on sustainability (broadly defined and interpreted)?

Answer 1

Ans ) INTRODUCTION

For running a business in current word the norms and rules regulations are made by the government of every country over the world the word business place very crucial role in everyone's life every person have some living standard lifestyle and business play very important role in that so the business is a necessity of every one life and is the source of earning for many of the people related to it business also include to the growth of economy for running a business in long term and for expansion and growth also there are many responsibility which the businessman have to fulfill by his own or by his business there are certain law which are created by the government and it is the responsibility of every business to obey it for the prosperity and long-term growth of his on her business in the society

Importance of law in prosperity of business

1) survival of business

For survival and long term stability in the market of business needs to obey each and every single rule constructed by the government on the the behalf of environment and society.

2) create good image of business

the businessman who follows each and every rule of government have create a good image of his or her business in the society.

3) protect consumer rights

if the businessman follows the regulations and rule of government the all the consumer rights are safe because there is a quality of product in the the market and there is surety and reliability.

4) protect employees and shareholders

Due to following of of rules and regulations all laws by the business there is fair business and trade so there is protection of employees and shareholder they are paid their dividend or salaries on time without any unequality.

5) healthy competition

The business ferms follows the law created by the government has pure competition and perfect competition in the market there is no rigidity off price in the market.

6) stop business malpractices

the business which fulfill all the rules and regulations does not do any malpractices anything which is not according to the norms so there will be perfect situation for the customers.

7) smooth functioning of business

It is very crucial for long term stability of business in the market that the functions which are held in the organisation are functioning smooth without any hindrance hindrance so that the law help in in this condition.

8) consumer satisfaction

If it is protected all the rights of consumer and there is no malpractices so the product which is finally sell to the customer provide satisfaction tu to his or her need.

9) importance of labour

Due to proper following of rules and laws there is separate law for satisfaction of labour and employees so so it is very important for the labour security and proper payment of wages and facilities with proper healthy conditions for working and fix hour of working etc.

10) develop good relation with business and society

If there is proper coordination with government norms and rules regulations and laws so it creates good relation with the society and the goodwill increase in the market of of the business.

# importantance of laws to protect society from cost of business

there are some law that are put in protect the society rule of law was established to regulation of healthy behaviour of business towards society and employees

consumer financial protection has been in the main objective of consumer satisfaction the regulation of consumer financial protection is finalize by protection bureau in July it is set up for the rule to prevent financial form from requiring customer to use the arbitration process to resolve dispute it is States victory for bank and credit or deposit product to realise the legal right It also include new regulation usually have consequences for the availability of the cost of this product for the reason financial institutions often express concern with the the advert of new regulations.

# environment law in economy and its importance

Environment health protect the human health and the environment environment regulation race the cost of production it lead to shift in investment and production the research on effect of environment regulation has main focus on air pollution regulation overall protection of environment.

important are law to protect the health of the environment

The law and the regulations protect the health and the environment in overall basis the health and the regulation of law are only for the protection of the population of country the health issue is .

the major issue due to huge pollution of factories ultimately led to to many health issues such as asthma bronchitis etc it also affect the environment by creating air pollution.

The second major issue who is dumping of waste and chemical into the water is harmful discharge lead to water pollution which ultimately which spread many harmful are chronic diseases to the environment population .

The third major issue of environment is loud voice of machineries which is problematic for the environment and health

The the pollutions and the harmful activities done by the business also affect the environment and health issues generated by them only.

# Rights of businesses and the rights of their customer

Kennedy established four basic rights; the right to safety, it includes the safety of the customer by providing all the precautions and the procedure of the product in detail

the right to be informed, the customer have full right to have all the information regarding the product and it is the duty of seller to give the customer full information.

theright to choose, due to huge variety of product the customer have right to choose among the products the seller cannot force the customer to purchase any specific product it is totally the choice of customer to select there product

the right to be heard. It refers to the customer right that the problem arising due to the product must be herd by the seller.

Righted of bussiness

• Decision Making the business has full right to take the decisions related to its business so there is no interference of government in the personal decision-making of the business.
• Right to Refuse Service there is full right of the business to refuse the services provided by by themselves.
• No limit of capital investment the capital investment done by the the businessman is is not defined by anyone it totally their choice to opt any amount of capital
• Make changes in business processes or strategies if there is any change in business it's their responsibility to change by their choice there is no interference of government to interfere in the strategies process by the the business.

# balance should laws seek to maintain the rights of businesses and consumers and related impact on sustainability the proper balance is maintained by the proper allocation of resources by business and proper uses of its right and duties towards the society and environment by business and the proper following of rules and regulation make by the government.