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LSDefine
Simple English definitions for legal terms
economic discrimination
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A quick definition of economic discrimination:
Economic discrimination refers to any unfair treatment or prejudice in the world of business. This can include things like refusing to buy or sell a certain product, or setting prices unfairly. It's like when someone is mean to you because of who you are, but instead of being at school or on the playground, it's happening in the marketplace.
A more thorough explanation:
Economic discrimination refers to any type of discrimination that occurs within the realm of commerce. This can include actions such as boycotting a particular product or service, or engaging in price-fixing.
- A group of consumers boycott a certain brand of clothing because they disagree with the company's labor practices.
- A group of businesses collude to set prices for a particular product, effectively eliminating competition and driving up prices for consumers.
These examples illustrate how economic discrimination can take many forms, and can have negative impacts on both consumers and businesses. In the first example, the boycott is a form of economic protest that can put pressure on companies to change their practices. However, it can also harm the company's bottom line and potentially lead to job losses. In the second example, price-fixing is illegal and can lead to higher prices for consumers, as well as reduced competition and innovation in the marketplace.