LS22- Regulation

Question 1

Regulation

Answer 1

A rule or law enacted by the government that must be followed by economic agents. It is used to encourage a change in behaviour.

Question 2

Forms of command

Answer 2

Bans- e.g. public smoking ban
Limit- e.g. age limits on buying alcohol
Caps- e.g. carbon caps, fishing caps
Compulsory actions- e.g. graphic health warnings on cigarette packets

Question 3

Forms of control

Answer 3

Enforcement- e.g. police force
Punishment- e.g. fines or jail sentences