๐ Topic Summary
Regulatory agencies are government organizations responsible for overseeing and enforcing rules and regulations in various industries. They ensure businesses operate ethically, safely, and in compliance with the law. These agencies protect consumers, the environment, and the overall economy by setting standards, monitoring activities, and taking action against companies that violate regulations. Understanding these agencies is crucial for anyone interested in business or economics.
๐ Part A: Vocabulary
Match the following terms with their definitions:
| Term |
Definition |
| 1. FTC |
A. Protects the environment |
| 2. EPA |
B. Prevents unfair business practices |
| 3. FDA |
C. Regulates workplace safety |
| 4. OSHA |
D. Oversees food and drug safety |
| 5. SEC |
E. Regulates the stock market |
(Answers: 1-B, 2-A, 3-D, 4-C, 5-E)
โ๏ธ Part B: Fill in the Blanks
Complete the following paragraph using the words provided: consumers, regulations, economy, businesses, agencies.
Regulatory _________ are crucial for maintaining a healthy _________. They set _________ that _________ must follow to protect _________ and ensure fair competition.
(Answers: agencies, economy, regulations, businesses, consumers)
๐ค Part C: Critical Thinking
Why is it important for regulatory agencies to exist, and what potential benefits or drawbacks do they pose for businesses?
