How do the Economics concepts we just covered impact the economy, you and your family, your friends and your employer?

2b) Social regulation is undertaken with the intention of improving the quality of life. The agencies most people are familiar with include: the Food & Drug Administration (FDA); the Equal Employment Opportunity Commission (EEOC); the Occupational Safety & Health Administration (OSHA); the Environmental Protection Agency (EPA); and the Consumer Product Safety Commission (CPSC). In The News: Antitrust laws were passed to encourage and promote market competition among firms within an industry because competitive markets are thought to better serve consumers. These laws serve to level the playing field between the business and the consumers by controlling or limiting business behavior in terms of pricing ability, etc.The anti-trust laws and their application are better understood within the context of their intended purpose and circumstances. This also implies that the laws will be enforced differently over time as the interpretation of such phrases as “substantially reduce competition” or “restraint of trade” contained in the laws changes. Write a 1-2 page summary of the information and also explain how it relates to what you have just learned What did you learn? Why is it important? How do the Economics concepts we just covered impact the economy, you and your family, your friends and your employer?

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