The paper "Current Mission of Federal Trade Commission" is a brilliant example of a term paper on business. Today’s consumer is capable of making appropriate decisions on the basis of information. However, no one is more knowledgeable about the product than the manufacturer. And with rising operating costs and competition, businesses may indulge in malpractices to lure the consumers and if the unchecked business can harm the economy and the ill-informed consumer. This FTC is one such commission that ensures that businesses indulge in promoting healthy competition and provide consumers with information on the basis of which they can make educated choices (www.ftc.gov).
According to the Official (ISC)2 Guide to the ISSMP CBK (2011), FTC’s Competitive Mission involves making use of tools to promote healthy competition and shield consumers from anti-competitive business methods and mergers. Furthermore, FTC’s Consumer Protection Mission involves protecting the masses from deceitful and unfair business practices by introducing consumer protection acts that guard the consumer rights of all Americans (Tipton, 2011).
Areas of FTC Responsibility
Federal trade commission’s job covers enforcing policies that cover nearly all facets of the economy that impact American consumers (www.ftc.gov). According to Anderson (1989, p.135), some of these areas include ensuring that businesses have appropriate product packaging and labeling, refraining from deceptive advertising, and policies regarding credit and warranties.
FTC ensures that businesses provide appropriate and sufficient information to consumers to make informed product decisions and can be guarded against fraud (www.ftc.gov). They accomplish this by means of providing readily available publications in print and through their website.
FTC needs to ensure that businesses are not indulging in deceptive or misleading advertising. Frequently quoted examples, in this case, are those of advertising to children and teens, tobacco and liquor advertising.
Product Labeling and Packaging
The product labeling and packaging is an important part of decision-making before product purchase. They tell us about the content of the product and ensure that the product is in good and safe condition before consumption. This aspect is very important for food products and medicines.
FTC also regulates the manufacture and distribution of hazardous or impure products.
FTC is also responsible for promoting healthy competition amongst businesses so monopolies can be avoided and the US economy can prosper. According to International Antitrust and Competition Policy, this involves evaluations of mergers and acquisitions, this is particularly applicable to the mergers which would result in higher prices or less innovation. They also promote competition amongst businesses that impact the masses greatly such as healthcare, real estate and consumer goods (www.ftc.gov).