Government regulations and licensing refer to rules and requirements imposed by governmental authorities on businesses or individuals in order to ensure compliance with certain standards or protect public interests.
Think of government regulations as traffic rules. Just like traffic rules help maintain order on roads and prevent accidents, government regulations and licensing aim to maintain fairness, safety, and quality standards in various industries.
Occupational Licensing: Occupational licensing involves obtaining official permission from regulatory bodies to practice certain professions or trades.
Regulatory Capture: Regulatory capture occurs when regulatory agencies become influenced or controlled by the industries they are supposed to regulate.
Deregulation: Deregulation refers to reducing or eliminating government regulations in specific sectors with the goal of promoting competition and efficiency.
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