Federal Trade Commission Flashcards, test questions and answers

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What is Federal Trade Commission?

The Federal Trade Commission (FTC) is an independent government agency that works to protect consumers from unfair, deceptive, and fraudulent business practices. Established in 1914, the FTC is the nation’s primary enforcer of consumer protection laws and a leader in promoting competition in the marketplace. The FTC’s primary mission is to ensure that companies do not engage in unfair or deceptive trade practices. This includes stopping companies from misleading consumers by making false or exaggerated claims about their products or services, as well as taking action against businesses that engage in anti-competitive behavior such as price-fixing or monopolizing markets. The FTC also takes action against companies that fail to comply with product safety regulations or make false claims about their services. In addition to its enforcement activities, the FTC also promotes consumer education by providing resources for individuals who are looking for information about how to spot scams and shop wisely. The FTC also works with other government agencies, non-profit organizations, and private sector partners on initiatives designed to protect consumers from fraud and identity theft. Ultimately, the goal of the FTC is to create a fair and competitive marketplace by protecting consumers from unfair business practices while promoting innovation through competition. The agency’s efforts help ensure that both businesses and consumers have confidence when engaging in commerce with each other.