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Government Regulation

Government regulation in business today is vital because it attempts to create a level playing field for companies competing against one another and regulate honest business practices toward the consumers. It is important to for any business to understand how government regulation affects their industry and how they intend to run their company. Industrial regulation is the government regulation of an entire industry. The purpose of industry regulation is for a an entity to watch an industry‚Äôs prices and products to make sure that they do not create a monopoly or take advantage of consumers. There are basically two kinds of regulation, price regulation and social regulation. Price regulation is regulation directed towards industries that have tendencies that may produce…