What is regulation in an economic system?
A: Regulation is the placing of limits or restrictions on business activity by the government.
B: Regulation is the placing of limits or restrictions on business activity by producers.
C: Regulation is the removal of limits or restrictions on business activity by the government.
D: Regulation is the removal of limits or restrictions on business activity by the producers.

To get its goals, the government imposes obligations on businesses and persons in the private sector like cheap and quality products, safeguards for current businesses against "fair" (and unfair) competition, cleaner air and water, and safer workplaces. Fines and in rare circumstances, even criminal punishments may be imposed for breaking regulations.

Economists distinguish between two types of regulation:

Economic Regulations: Economic regulation refers to laws that limit who can enter a firm (entry controls) and the prices they can charge (price controls).

Social Regulation: "Social regulation" refers to the broad category of regulations directing how any individual or organization conducts its activities in order to rectify one or more "market failures."

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