Economics Today (19th Edition)
19th Edition
ISBN: 9780134478777
Author: Roger LeRoy Miller
Publisher: PEARSON
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Question
Chapter 27, Problem 27.1LO
To determine
Difference between economic regulation and social regulation.
Expert Solution & Answer
Explanation of Solution
| Economic regulation | Social regulation |
| Economic regulation discusses about the various rules and regulations that the economic firms and government agencies needs to abide by. | Social regulations discuss the regulations that society needs to abide by. |
| Economic regulation controls the economic situation of the economy. It is the type of government regulation which helps to set the |
Social regulation focuses on the control or correction of externalities. |
| Regulates various things like minimum wage, trade barriers, outsourcing (Protectionism), import duty, privatization, national health insurance, |
Social regulation focuses on environmental control measures, health and safety regulations, disaster management, and restrictions on advertisements. It also includes the restrictions on pornography, gun control, homosexuality, abortion, gambling etc. |
Economics Concept Introduction
Introduction:
Economic regulation: Economic regulation discusses about the various rules and regulations that the economic firms and government agencies needs to abide by. Economic regulation controls the economic situation of the economy. It is the type of government regulation which helps to set the price of firms, entry of the firms, and regulation of various economic agencies. Economic regulations regulate various things like minimum wage, trade barriers, outsourcing (Protectionism), import duty, privatization, national health insurance, price ceiling or price floor, social security benefits, medical benefits, senior citizen benefits etc.
Social regulation:
Social regulations discuss the regulations that society needs to abide by.
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Chapter 27 Solutions
Economics Today (19th Edition)
Ch. 27 - Prob. 27.1LOCh. 27 - Prob. 27.2LOCh. 27 - Prob. 27.3LOCh. 27 - Prob. 27.4LOCh. 27 - Prob. 27.5LOCh. 27 - Prob. aFCTCh. 27 - Prob. bFCTCh. 27 - Prob. cFCTCh. 27 - Prob. dFCTCh. 27 - Prob. eFCT
Ch. 27 - Prob. 1CTQCh. 27 - Prob. 2CTQCh. 27 - Prob. 1FCTCh. 27 - Prob. 2FCTCh. 27 - Prob. 1PCh. 27 - Prob. 2PCh. 27 - Prob. 3PCh. 27 - Prob. 4PCh. 27 - Prob. 5PCh. 27 - Prob. 6PCh. 27 - Prob. 7PCh. 27 - Prob. 8PCh. 27 - Prob. 9PCh. 27 - Prob. 10PCh. 27 - Prob. 11PCh. 27 - Prob. 12PCh. 27 - Prob. 13PCh. 27 - Prob. 14PCh. 27 - Prob. 15PCh. 27 - Prob. 16PCh. 27 - Prob. 17PCh. 27 - Prob. 18PCh. 27 - Prob. 19PCh. 27 - Prob. 20PCh. 27 - Prob. 21PCh. 27 - Prob. 22P
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