Regulations in Business Environment
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What is the role of government regulations with regard to changes in the business environment? Discuss specific examples.
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The solution discusses the role of government regulations.
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Role of Government
The Legal framework is needed to make market more efficient as the private sector is motivated by the profit only and don't seek efficiency as the prime objective. Thus the State is an indispensable instrument of economic development and it take undertake activities that would compensate for the market failure. Market failure is perceived as the inability of markets to allocate optimally resources over time. To prevent the market failure and to regulate the business, the government frames various laws. The regulatory role of the government may include:
A) Determination of the conditions under which individuals or groups would be permitted to enter certain lines of business or avail of public facilities and scarce resources.
B) ...
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