Economic regulation refers to government intervention and control over various aspects of the economy, such as prices, wages, production, and market competition. It is aimed at promoting fairness, protecting consumers, and ensuring economic stability.
Related terms
Deregulation: Deregulation refers to the reduction or removal of government regulations on industries or sectors of the economy. This allows for more freedom and flexibility in business operations but can also increase risks.
Market Competition: Market competition is the rivalry between producers or sellers in a particular market who compete for customers. It drives innovation, lowers prices, and improves quality.
Consumer Protection: Consumer protection refers to laws and regulations that safeguard consumers from unfair practices by businesses. It ensures that consumers have access to accurate information, fair treatment, and safe products/services.