Governance Regulation and Ethics Essay Example | Topics and Well Written Essays - 1250 words

nerve Regulation and Ethics - Essay ExampleConsumer transaction the seller is well informed and consumer on the early(a) hand ar ignorant thus the need for the government to impose some form of authorization on consumer transactions. The governments through legalisations impose regulations which govern the origin dealings and whatever business must be conducted with the confines of the law. Features in the movie and chapter 8 The right to know First in conducting business the business world is required to perform disclosure. This in the perspective of the consumer is the right to know. It is important so as to entertain consumers from personal harm which includes sparing loss and physical injury. The manufacturers are bound to disclose some data to consumers so that the consumers are able to make informed survival of the fittests. The right to know is an individual right premised on the freedom of choice and freedom of contract. If a business person lies to a consumer in re gard to the choice made by the consumer, then the business person denies the consumer the freedom of choice. This in essence is a utilisation of the consumers decisions and thus violates their individual rights. Moral philosophers opine that an individual with all the relevant information is responsible for his decisions whether they were mistakes or non. On the other hand those who withhold relevant information to decision makers are accountable to any harm arising from such a decision made without the relevant information. Relevant information is necessary for frugal interest of the decision maker. A good example is where the consumer is informed about the tonicity of a genuine product. In this case the consumer is able to compare the quality of the dissimilar brands and at the same time stance in mind the prices of the mixed brands. The consumer is able to choose a quality product at commonsensible price in such a case (Woodroffe, Lowe, 2010 pp. 78-79). Regulations of qua lity standards- consumer health and safety The government check overs that the economic rights of consumers are protected by ensuring that consumer are offered adequate and complete information as discussed above and that they are in addition offered reasonable contract terms. However the government may find that regulations relating to disclosure are not enough to protect the interest of the consumers, it may take further step to impose regulations on quality of products and services. The government regulations in form of quality standards include imposing minimum educational requirement and also licensing professional suppliers, imposing the standards for the practices and procedures of all sorts in business, specifications for the services and goods, and a combination of any of the above standards of quality. The various governments attempt to ensure enforcement of the above quality standards by inspections, licensing, reviews, and approvals of final products before they are re leased into the market is to ensure that they are safe for the consumers. The government have imposed such quality standard on various industries which include the food industries and textile industries. Regulation of trade practices South Africa The general rule is that under commercial message law applicable in many countries and general principles of contract the seller is liable for any dissimulation made to the consumers. However there is an exception to this