Concept explainers
Restrictive regulations:
Regulations refer to the government policies and the behavior of an organization in the firm. Such government policies usually justified on market failures and need to ensure society comfort. This regulations can be categorized into three ways:
- Regulation on economic
- Regulation on society
- Regulation on administration
The above regularity can make changes in economic, social and technical way.
Economic regulation:
This regulation is used to improve the effectiveness of delivering goods and services in markets. This regulation also includes all government restrictions regarding prices, quality, and services.
Social regulation:
This regulation tells about the defense of environment. It includes the protection of healthcare, employees, and buyers from incompetent behavior by sellers.
Administrative regulation:
This regulation is related with taxes, business operation and property rights including public and private sectors.
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