What is the main difference between economic regulation and social regulation?
What will be an ideal response?
Economic regulation involves only particular industries, including policies aiming at controlling prices or influencing the characteristics of specific products. In contrast, social regulation applies to all firms in the economy and aims at improving the quality of life by, for example, regulating product safety, advertising and environmental effects.
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In a mixed economy, the ultimate decision about what to produce is left to
A) buyers. B) the government. C) sellers. D) all of the above
Explain how it is possible for a recently retired postal worker to be more wealthy than a rookie professional football player even though it is widely recognized that football players earn more than postal workers
What will be an ideal response?