Can you please your own words thank you
List and explain (in your own words) the benefits of government regulation of business.
When the government regulates the business environment, we get the following benefits:
1. Standards
Government enables easier standardization values and standards in the industry so businesses do not have the need to regulate these values on their own.
2. Check unfair practices and conduct
When a government regulates the business environment, it makes the conduct safer, fair and just for all other businesses. They also keep a check on unfair pricing, collusion and checks the market for things such as antitrust conduct.
3. Keep a check over labor regulations and enables unionization
With government check, the business environment needs to work in a way which takes into account the safety, security of the labor and enables unions to be formed, and operate.
4. The government provides public sector goods
Since government operates in the public sector, the private sector cannot monopolize over the necessities such as water and electricity.
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