Regulation of Business Employment, Environment, and Antitrust
Age Discrimination in Employment Act (ADEA)
Law that prohibits discrimination against people who are 40 and older.
Americans with Disabilities Act (ADA)
Prohibits discrimination against differently abled persons. Includes both physical and mental disabilities.
Bona Fide Occupational Qualification (BFOQ)
An employer's defense to a claim of employment discrimination based on Title VII. The employer is claiming to have a legitimate reason, usually related to job qualifications, for what appears to be discrimination.
Consolidated Omnibus Budget Reconciliation Act (COBRA)
Allows former employees, at their own expense, to continue coverage of their group health plan for up to 18 months after losing their job.
Employee Retirement Income Security Act (ERISA)
Regulates pension plans for companies that choose to have pensions.
Fair Labor Standards Act (FLSA)
Federal law that regulates minimum wage, employment hours, and child labor.
Family and Medical Leave Act
Allows employees to take up to 12 weeks of unpaid leave to deal with family and medical issues.
Federal Insurance Contributions Act (FICA)
Law that requires empoyers and employees to each pay half of the social security tax. Self-employed individuals must pay the entire tax.
Federal Unemployment Tax Act (FUTA)
Provides temporary payments to workers who have lost their jobs through no fault of their own.
National Labor Relations Act (NLRA)
Legislation that regulates the union/management relationship.
Occupational Safety and Health Act (OSHA)
Creates workplace standards of health and safety.
Social Security Act
Provides income/benefits to retirees, disabled workers, and dependents of deceased workers.
Title VII of the 1964 Civil Rights Act
Prohibits discrimination on the basis of race, color, religion, national origin, or gender in all aspects of employment.
Provides payments to workers for injuries that are sustained at work or that arise out of work. This is a no-fault system.
Clean Air Act
Establishes air quality standards that states enforce.
Clean Water Act
Establishes water quality standards that states enforce.
Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA)
Creates a strict liability system for the cleanup of hazardous waste sites and spills
Environmental Compliance Audit
A voluntary review by a company to ensure that it is in compliance with the various environmental laws.
Environmental Impact Statement
A report required for any federal action that will significantly impact the environment.
Environmental Protection Agency (EPA)
Primary enforcer and administrator of environmental laws and regulations.
State Implementation Plan
Plan submitted by a state to show the EPA how the state will achieve the environmental standards set by the EPA.
An agreement among competing economic entities that limits competition.
Two separate economic entities that combine into one company. Only mergers that will result in a substantial lessening of competition violate the antitrust laws.
When a firm has monopoly power in the relevant market and keeps others out of the market through methods other than legitimate competition.
A firm has the ability to exclude competitors and control prices in the relevant market.
Per se rule
Applies to inherently anticompetitive activities that are automatically illegal.
Sellers charging different buyers different prices for the same product.
Refers to the meaningful areas of competition both geographically and by product.
Restraint of Trade
An agreement that limits competition
Rule of reason
If a restraint of trade does not fall under the per se rule, then it is analyzed under the rule of reason, which balances the procompetitive effects of teh agreement versus the anticompetitive effects.
One of the remedies for a private party who successfully proves an antitrust violation; the private party receives three times its actual damages.
Seller of a desired product forces a buyer to purchase an additional product if the buyer wants the desired product.
Vertical retraint of trade
An agreement between separate economic entities in the chain of distribution that limits competition.