Final answer:
The Federal Trade Commission (FTC) is the nation's consumer protection agency focused on preventing fraud, deception, and unfair business practices. It enforces antitrust laws, educates consumers, and ensures fair competition in the economy.
Step-by-step explanation:
The nation's consumer protection agency responsible for preventing fraud, deception, and unfair business practices is the Federal Trade Commission (FTC). Established in 1914, the FTC enforces antitrust legislation and measures designed to prohibit monopolies and unfairness in commerce. It is the only federal agency with both consumer protection and competition jurisdiction in vast sectors of the economy, and it actively works to prevent deceptive and unfair practices that affect consumers, in addition to promoting a competitive marketplace.
The FTC engages in various activities such as vigorous law enforcement, sharing expertise with governmental bodies, and developing policies through research. It also educates consumers and businesses about their rights and responsibilities in a dynamic global marketplace with the help of workshops and conferences. Their aim is to protect the economic life of every American by ensuring businesses operate fairly and transparently.