The government refers to the body responsible for making and enforcing laws, regulations, and policies within a country. In the context of economics, governments also play a significant role in providing public goods, managing fiscal and monetary policies, promoting social welfare, etc.
Related terms
Public Goods: Public goods are goods or services provided by the government that benefit society as a whole and are non-excludable (everyone can enjoy them) and non-rivalrous (one person's consumption doesn't reduce availability for others).
Regulation: Regulation involves rules established by governments to guide and control various activities within industries or sectors. These rules aim to protect consumers, promote fair competition, ensure safety standards, etc.
Redistribution: Redistribution refers to government actions aimed at reallocating wealth or income from some individuals or groups (usually higher-income earners) towards others with lower incomes through taxation and social welfare programs.