Review
Consumer product safety commission (CPSC) is an independent federal regulatory agency. It was formed in 1972. The law made was under Consumer Product Safety Act. They are mandated with several tasks. Among them is the duty of jurisdiction over more than a thousand consumers like coffee makers, lawnmowers, toys, cribs, power tools and fabrics among many others. Some things are not covered here in CPSC but are covered by other federal agencies. These products are like cars, trucks and motorcycle. It was directed to protect the public against unreasonable risks of injuries and deaths associated with consumer products. That remain to be its function. (Graham., J. 2010)
Their responsibilities include; developing voluntary standards for industries and companies, banning products that do not meet the required standards, conducting research and educating the public on potential product hazards. (Graham., J. 2010)
Enforced product.
CPSC anonymously regulated high powered magnet sets through its new safety standards. This was done because they did not remove the rare earth magnets. This was done to protect the consumers. (Graham., J. 2010)
Free market
The public will be more advantaged with “free market”. The consumers have many advantages as compared to the disadvantages associated with a free market. They will have access to a variety of products. In free market, the consumers are the one to decide on which products should stay in the market or not. (Graham., J. 2010)
There will be reduced danger of products made and sold on the basis of profit motive. The basics of any company are to make profits on the products they provide. At times, the company may just want to make a profit not considering the working environment of the employees or the quality of goods produced. (Graham., J. 2010)
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