Trade practices refer to the established methods and standards that businesses use when buying and selling goods and services. These practices ensure fair competition and protect consumers from deceptive or unfair tactics. They can include pricing strategies, advertising methods, and the quality of products offered in the market. Regulatory bodies, such as the Federal Trade Commission in the United States, oversee trade practices to maintain a level playing field for all businesses. By enforcing laws and guidelines, these organizations help prevent practices like false advertising and monopolistic behavior, promoting transparency and trust in the marketplace.