Question

Discuss the idea of regulation and why it is necessary for government to regulate. Also explain the key benefits and possible drawbacks of regulation for all stakeholders using examples from wider reading.

Answer 1

Regulation is generally the process by which institutions and bodies define and state variosu activities of individuals and any violation regarding the small will depict penalties. I personally believe that it is very much important for an organization to regulate or else maintaining law and order will be a major drawback or challenge for oganizations. The government needs to have such regulations because they need to ensure that there is no issues in maintaining certain aspects and factors for government and also various sector that needs to be regulated by the government, for example if there would have been no regulation, individuals would have done anything and everything that they feel right, law and order would have taken a back seat. The primary drawback would be invasion of Independence which may lead to certain issue for individuals in the society.