Regulation: Protecting People from the Market<\/p>\n
Introduction
\nThere are advantages and disadvantages to government regulation on a local, state, or federal level. Read the content below to learn more about how government regulations can benefit groups such as consumers, while also creating challenges like barriers to entry in a market.
\nAntitrust policies are primarily concerned with limiting the accumulation and use of market power. Government regulation is used to control the choices of private firms or individuals. Regulation may constrain the freedom of firms to enter or exit markets, to establish prices, to determine product design and safety, and to make other business decisions. It may also limit the choices made by individuals.
\nIn general terms, there are two types of regulatory agencies. One group attempts to protect consumers by limiting the possible abuse of market power by firms. The other attempts to influence business decisions that affect consumer and worker safety. Regulation is carried out by more than 50 federal agencies that interpret the applicable laws and apply them in the specific situations they find in real-world markets. Table 2.2 lists some of the major federal regulatory agencies, many of which are duplicated at the state level. The other person tries to change business decisions that affect the safety of customers and workers. More than 50 federal agencies are in charge of regulation. These agencies interpret the laws that apply and put them into practice in real-world markets. Some of the most important federal regulatory agencies are listed in Table 2.2. Many of these agencies also exist at the state level.
\nTable 2.2 Selected Federal Regulatory Agencies and Their Missions
\nFinancial Markets<\/p>\n
Federal Reserve Board<\/p>\n
Regulates banks and other financial institutions<\/p>\n
Federal Deposit Insurance Corporation<\/p>\n
Regulates and insures banks and other financial institutions<\/p>\n
Securities and Exchange Commission<\/p>\n
Regulates and requires full disclosure in the securities (stock) markets<\/p>\n
Commodity Futures Trading Commission<\/p>\n
Regulates trading in future markets<\/p>\n
Product Markets<\/p>\n
Department of Justice, Antitrust Division<\/p>\n
Enforces antitrust laws<\/p>\n
Federal Communications Commission<\/p>\n
Regulates broadcasting and telephone industries<\/p>\n
Federal Maritime Commission<\/p>\n
Regulates international shipping<\/p>\n
Surface Transportation Board<\/p>\n
Regulates railroads, trucking, and noncontiguous domestic water transportation<\/p>\n
Federal Energy Regulatory Commission<\/p>\n
Regulates pipelines<\/p>\n
Health and Safety<\/p>\n
Occupational Health and Safety Administration<\/p>\n
Regulates health and safety in the workplace<\/p>\n
National Highway Traffic Safety Administration<\/p>\n
Regulates and sets standards for motor vehicles<\/p>\n
Federal Aviation Administration<\/p>\n
Regulates air and traffic aviation safety<\/p>\n
Food and Drug Administration<\/p>\n
Regulates food and drug producers; emphasis on purity, labeling, and product safety<\/p>\n
Consumer Product Safety Commission<\/p>\n
Regulates product design and labeling to reduce risk of consumer injury<\/p>\n
Energy and the Environment<\/p>\n
Environmental Protection Agency<\/p>\n
Sets standards for air, water, toxic waste, and noise pollution<\/p>\n
Department of Energy<\/p>\n
Sets national energy policy<\/p>\n
Nuclear Regulatory Commission<\/p>\n
Regulates nuclear power plants<\/p>\n
Corps of Engineers<\/p>\n
Sets policies on construction near rivers, harbors, and waterways<\/p>\n
Labor Markets<\/p>\n
Equal Employment Opportunity Commission<\/p>\n
Enforces anti-discrimination laws in the workplace<\/p>\n
National Labor Relations Board<\/p>\n
Enforces rules and regulations governing contract bargaining and labor relations between companies and unions<\/p>\n
Note. Adapted from \u201cApplications of the Production Possibilities Model,\u201d by Rittenberg, 2011, Principles of Economics, Chapter 2, Section 3. Copyright 2010 Flat World Knowledge, Inc.<\/p>\n","protected":false},"excerpt":{"rendered":"
Regulation: Protecting People from the Market Introduction There are advantages and disadvantages to government regulation on a local, state, or federal level. Read the content\u2026<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8945,8946,8950,8948,8947,8949],"tags":[8849,8851,142,8839,8852,8654,8848,147,636,7877,8850,8847,8846,8842,8844,8845,8840,8838,8841,8843,7630],"class_list":["post-100723","post","type-post","status-publish","format-standard","hentry","category-criminal-justice-essay-writing-service","category-criminology-homework-help-answers","category-high-quality-research-paper-writing-services-for-students","category-law-dissertation-help-best-law-dissertation-writing-service","category-law-essay-writing-service-by-lawyers","category-law-thesis-writing-service-hire-a-legal-writers","tag-assignment-writing-homework-help","tag-best-essay-writing-website","tag-best-online-essay-writing-services","tag-capstone-project-writer","tag-college-application-essay-writing-service","tag-dissertation-writer","tag-do-my-homework-assignment","tag-essay-online-essay-writer-buy","tag-essay-writer","tag-free-help-with-homework-assignments","tag-help-me-with-my-homework","tag-help-with-assignments-online","tag-homework-assignment-help-online","tag-my-write-writing-service-essay-custom","tag-need-help-with-homework-assignments","tag-online-writing-homework-assignment-help","tag-research-paper-writer","tag-term-paper-writer","tag-us-based-essay-writing-service","tag-write-essays-for-money-online","tag-write-my-essay-online-free"],"_links":{"self":[{"href":"https:\/\/www.studyproessays.com\/help\/wp-json\/wp\/v2\/posts\/100723","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.studyproessays.com\/help\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.studyproessays.com\/help\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.studyproessays.com\/help\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.studyproessays.com\/help\/wp-json\/wp\/v2\/comments?post=100723"}],"version-history":[{"count":0,"href":"https:\/\/www.studyproessays.com\/help\/wp-json\/wp\/v2\/posts\/100723\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.studyproessays.com\/help\/wp-json\/wp\/v2\/media?parent=100723"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.studyproessays.com\/help\/wp-json\/wp\/v2\/categories?post=100723"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.studyproessays.com\/help\/wp-json\/wp\/v2\/tags?post=100723"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}