Question

In your own words (250 words) explain, define, discuss Regulating Markets.

Answer 1

A controlled market is a market in which a degree of oversight and regulation is exercised by government agencies or, less generally, business or labor groups. Market regulation is mostly government-controlled and includes deciding who may enter the market and the rates that they can ask for. The primary function of the government entity in a market economy is to regulate and monitor the financial and economic system.

The Law curtails or gives special rights to market participants. Regulations provide guidelines on how goods and services should be marketed; what rights customers will seek refunds or replacements; health requirements for products, facilities, food and drugs; prevention of environmental and social impacts; and a given participant's level of influence over a business can be presumed.

The Food and Drug Administration, the Securities and Exchange Commission and the Environmental Protection Agency are examples of regulatory agencies in the US. Those agencies derive their authority and basic regulatory frameworks from Congress passed legislation, but they are part of the executive branch, and the White House appoints their leaders. They are also tasked with developing the rules and regulations which they enact, based on the premise that Congress lacks the time , money, or knowledge to write regulations for and organization.

The primary purpose of regulating the market is to safeguard producer sellers' interest in raising local market standards where the goods are first exchanged. With a view to attaining the object in every regulated market. Market committees are set up, consisting of representatives from growers, traders, local bodies, sellers, cooperative shops, and nominees from the state government.