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GCSE Business · key term
Laws that set rules businesses and individuals must follow.
Used by AQA and Edexcel
Paper 1, Paper 2
Laws that set requirements for how individuals and organisations behave.
Revise: Impact of LegislationLegislation means laws that businesses must follow. It sets boundaries on how a business employs people, runs its workplace and sells products. These requirements protect workers and consumers, but they also affect the business’s costs and daily decisions.
Specification 1.5.3, 1.5.5, 2.1.2 · Paper 1, Paper 2
Revise: Legislation and BusinessLegislation consists of laws that set rules businesses and individuals must follow. It is an external influence: an entrepreneur cannot choose whether a legal obligation applies simply because meeting it is inconvenient or expensive.
Laws that businesses must follow.
The laws that a business must follow, which can affect its costs and the way it operates.
Distinguish the costs of complying with legislation from the consequences of breaking it.
Distinguish the costs of complying with legislation from the penalties for breaking it: buying safety equipment is a compliance cost, not a fine.
Complying with legislation is compulsory. Lobbying for changes to a law is not an alternative to obeying it.
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