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A) Define public policy and the public policy process.   B) Explain the reasons for regulation. What are the major types of government regulation of business?

A) Define public policy and the public policy process.   B) Explain the reasons for regulation. What are the major types of government regulation of business?

Understanding Business
Understanding Business
12th Edition
ISBN:9781259929434
Author:William Nickels
Publisher:William Nickels
Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment
Section: Chapter Questions
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 A) Define public policy and the public policy process.

 

B) Explain the reasons for regulation. What are the major types of government regulation of business?

 

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Step 1

Public policy is a complicated process involving numerous stakeholders with varying responsibilities, interests, and resources. The study of public policy is the study of who receives what, why, and how it makes a difference. Government people or agencies create public policy. It is not a random or chance activity, but rather a goal-oriented or purposeful action. Policies are courses of action followed by government authorities over time, rather than distinct or discrete choices.

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