Regulation

Definition

Regulation refers to the process of controlling or managing something according to certain rules or guidelines. In this context, it involves setting rules for societal behavior and economic practices.

Analogy

Think of regulation like traffic lights on a busy road. The lights control when cars can go or stop, ensuring a smooth flow of traffic. Similarly, regulations control certain behaviors and actions in society and the economy.

Related terms

Federal Reserve System: Refers to the central banking system of the United States responsible for regulating monetary policy and overseeing financial institutions.

Environmental Protection Agency (EPA): Refers to a federal agency tasked with regulating environmental policies and protecting human health from pollution.

Occupational Safety and Health Administration (OSHA): Refers to a federal agency that sets and enforces workplace safety regulations to protect workers from hazards.