Research, identify and discuss the advantages and disadvantages of Essay

Research, identify and discuss the advantages and disadvantages of business regulations - Essay Example Regulations are good in the way that they provide a particular direction for businesses to follow. Rules and regulations actually help standardize the business operations as all workers and businesses will follow a particular set of instructions which are applicable to them. On the other hand regulations are also important as some businesses do not self-regulate themselves and can therefore be involved in actions which are harmful to the society. For example if restrictions are not imposed on the emission of factories then many companies might not care about the negative effect of emissions from factories ad may continue to do so in order to save costs of safe emission systems. When regulations are made and implemented, then these companies are bound to follow it otherwise they’ll have to bear the consequences in form of penalty such are monetary fines or closure of business. Therefore, regulation is one form of ensuring that the business doesn’t harm the society. (Porket, 2003) Moreover, regulations are also important in protecting the rights of the employees as without regulations, employers may exploit the employees through bad working conditions or low wages etc. Due to this government tend to make regulations regarding minimum wealth, health and safety conditions. Regulations also help in preventing exploitation of consumers. If there are no regulations, then monopolies would exploit consumers with high prices, companies won’t produce goods with quality standards and might not mention the harmful effects of using a particular product if proper regulations are not in place. Therefore regulations are beneficial as many businesses don’t tend to self-regulate them. (Porket, 2003) Along with advantages, there are also some drawbacks of regulations. These include the costs of complying with these regulations. Regulations which are