Part A-Federal, State and Local involvement in government regulation
On the Federal level, they have standards that have to be met before new products can enter the marketplace; they also have standards in “truth –in –labeling, truth-in-packaging and truth-in-lending” (Milikovich & Gordon, 2013, p. 460). They have a say now in everything we do, eat, drive, or even say there is a regulation for just about everything in our daily lives. State regulations are similar to those on the federal level, however the states have “primary responsibility for regulating insurance companies and are involved secondarily in the regulation of banks” (Milakovich & Gordon, 2013, p. 465). States also examine licenses of professionals such as real estate, funeral homes, and those who practice law and medicine. Local regulations and responsibilities includes the ability to give out business licenses, they deal with zoning and building codes and transportation issues that affect their communities.
Part B Evaluate the impact of government regulation on American economic and social life. …show more content…
Regulations have affected gas and oil prices, prescription drugs, what and how they can grow crops with farming. An example would be that of a cancer drug that contained a substance from a fruit that the FDA would not approve even though it was proven to help people. It comes down to freedoms and “the American people should be able to make their own decisions” (MIlakovich & Gordon, 2013, p.
On the Federal level, they have standards that have to be met before new products can enter the marketplace; they also have standards in “truth –in –labeling, truth-in-packaging and truth-in-lending” (Milikovich & Gordon, 2013, p. 460). They have a say now in everything we do, eat, drive, or even say there is a regulation for just about everything in our daily lives. State regulations are similar to those on the federal level, however the states have “primary responsibility for regulating insurance companies and are involved secondarily in the regulation of banks” (Milakovich & Gordon, 2013, p. 465). States also examine licenses of professionals such as real estate, funeral homes, and those who practice law and medicine. Local regulations and responsibilities includes the ability to give out business licenses, they deal with zoning and building codes and transportation issues that affect their communities.
Part B Evaluate the impact of government regulation on American economic and social life. …show more content…
Regulations have affected gas and oil prices, prescription drugs, what and how they can grow crops with farming. An example would be that of a cancer drug that contained a substance from a fruit that the FDA would not approve even though it was proven to help people. It comes down to freedoms and “the American people should be able to make their own decisions” (MIlakovich & Gordon, 2013, p.