Explain Why Nations Are Economic Weak Or Strong
Legal Environment of Business Study Guide
Chapters: 1, 2, 3, 4, 6 and Founding Brothers
Chapter 1: Law as the Foundation of Business 1. Why nations are economically weak or strong: a. Dependency theory: economically strong nations exploit the resources and labor of weaker nations through trade i. However, economically stronger nations invest more in each other b. Natural resources: whether or not a nation has an abundant supply of resources is another thought i. However, Japan as little resources c. Education and technology: economically stronger nations have better schools and implement technology more quickly than weaker nations d. Climate: some believe climate relates to economic success i. Not true e. Private market: …show more content…
Supremacy clause: states that the Constitution is the most powerful document in the land and that federal laws passed under it reign supreme c. Preemption: idea that if a federal law preempts an area of law, no state law can be created in that area d. Contract clause: laws cannot be passed impairing the obligations of contracts i. States cannot pass laws that impact rights and duties under existing contracts 2. Amendments and basic protections: a. Freedom of religion: 1st amendment states that congress shall make no law respecting an established religion or prohibiting the free practice of it i. Freedom of religion in business usually wins for the employee rather than the business b. Freedom of the press: covers both verbal and written communications i. Also covers symbolic speech 1. Commercial speech was not protected until the 1970s when the Supreme Court recognized that free commercial speech was essential to public knowledge a. There must be a compelling reason to limit commercial speech c. Due process / equal protection clause: deals with the fundamental issues of liberty and justice 3. Commerce Clause: government’s ability to regulate
Chapters: 1, 2, 3, 4, 6 and Founding Brothers
Chapter 1: Law as the Foundation of Business 1. Why nations are economically weak or strong: a. Dependency theory: economically strong nations exploit the resources and labor of weaker nations through trade i. However, economically stronger nations invest more in each other b. Natural resources: whether or not a nation has an abundant supply of resources is another thought i. However, Japan as little resources c. Education and technology: economically stronger nations have better schools and implement technology more quickly than weaker nations d. Climate: some believe climate relates to economic success i. Not true e. Private market: …show more content…
Supremacy clause: states that the Constitution is the most powerful document in the land and that federal laws passed under it reign supreme c. Preemption: idea that if a federal law preempts an area of law, no state law can be created in that area d. Contract clause: laws cannot be passed impairing the obligations of contracts i. States cannot pass laws that impact rights and duties under existing contracts 2. Amendments and basic protections: a. Freedom of religion: 1st amendment states that congress shall make no law respecting an established religion or prohibiting the free practice of it i. Freedom of religion in business usually wins for the employee rather than the business b. Freedom of the press: covers both verbal and written communications i. Also covers symbolic speech 1. Commercial speech was not protected until the 1970s when the Supreme Court recognized that free commercial speech was essential to public knowledge a. There must be a compelling reason to limit commercial speech c. Due process / equal protection clause: deals with the fundamental issues of liberty and justice 3. Commerce Clause: government’s ability to regulate