Social regulation Social regulation tries to improve health and safety, such as by control of unsafe working conditions and dangerous products. For example, in 1972, Congress created the Consumer Product Safety Commission with a mission to keep unsafe products off the market. The Commission forces the recall of about 400 different products each year. State and local gov- ernments also regulate a variety of safety issues such as helmet use for riders of bicycles and motorcycles. Health-care reform is another example of social regulation; the 2010 health care act was the broadest social legislation since the Great Depression. Social regulation can have far-reaching economic consequences, but such regulation is not the focus of this chapter.

In your analysis, examine the efficiency, fairness, and market failure of the selected type of government regulation. Graphically interpret the type of regulation and argue about the determination of public goods and common resources.

1.Information related to Social regulation.

2. Definition of the type of government regulation and why the government has to enter to regulate such activity.

3.How this type of regulation works and how the government achieves social efficiency through its implementation?

4.Whats the impact that said government regulation has on the people or companies it regulates?

5.nclude graphics, photos or images that support the information provided. Include the reference source.