Econs
Econs 101
In this current era of globalization that is rapidly changing the way mankind live on a daily basis, ‘survival of the fittest’ is expeditiously becoming the mindset in each working man or woman. ‘Survival of the fittest’ in this context means that every working person is enduring the corporate world, doing anything to feed their rice bowls. This may be due to the current economic slowdown that is currently happening in different parts of the world that runs on various economic systems. Countries economic systems are either regulated or deregulated by the government. Nevertheless, both systems has its own pros and cons. Government intervention nor regulation, in economic terms is a process of promulgation or rules and restrictions being established by the main or delegated legislation (government). In other terms, the economic system is being controlled by the government. In contrary, government deregulation is the vice versa of government regulation. Relating government regulation with microeconomics, the main purpose of regulating the economy is to protect the consumers and employees’ rights. Using the U.S. as the main example, government intervention is principally practiced in order to safeguard employees' civil rights and protecting the environment. In addition, government regulation is enforced to clasp corporations accountable by limiting the amount of power used in the current business-driven society.
April 2012, an Italian company that manufactures chocolate hazelnut spread by the name of Ferrero had to agree to a $3million settlement in a lawsuit case for misleading one of their advertisements. Nutella was the name of their product that had them weeping over the lost. Ferrero had claimed their product beneficial to one’s health which they were unable to prove so, resulting the Italian company not only to shell out some hard cash ($3million) but also to recall their current products on shelves to change Nutella’s labeling. Laws concerning to
In this current era of globalization that is rapidly changing the way mankind live on a daily basis, ‘survival of the fittest’ is expeditiously becoming the mindset in each working man or woman. ‘Survival of the fittest’ in this context means that every working person is enduring the corporate world, doing anything to feed their rice bowls. This may be due to the current economic slowdown that is currently happening in different parts of the world that runs on various economic systems. Countries economic systems are either regulated or deregulated by the government. Nevertheless, both systems has its own pros and cons. Government intervention nor regulation, in economic terms is a process of promulgation or rules and restrictions being established by the main or delegated legislation (government). In other terms, the economic system is being controlled by the government. In contrary, government deregulation is the vice versa of government regulation. Relating government regulation with microeconomics, the main purpose of regulating the economy is to protect the consumers and employees’ rights. Using the U.S. as the main example, government intervention is principally practiced in order to safeguard employees' civil rights and protecting the environment. In addition, government regulation is enforced to clasp corporations accountable by limiting the amount of power used in the current business-driven society.
April 2012, an Italian company that manufactures chocolate hazelnut spread by the name of Ferrero had to agree to a $3million settlement in a lawsuit case for misleading one of their advertisements. Nutella was the name of their product that had them weeping over the lost. Ferrero had claimed their product beneficial to one’s health which they were unable to prove so, resulting the Italian company not only to shell out some hard cash ($3million) but also to recall their current products on shelves to change Nutella’s labeling. Laws concerning to