Question

Free market economies still have some government regulation, like minimum wage laws and workplace safety laws. Consider the goals of businesses and companies. Why are these regulations important?

Answer 1

Answer:

Free market economies still have some government regulation, like minimum wage laws and workplace safety laws. Considering the goals of businesses and companies these regulations are important because they establish a common ground to operate in similar conditions, not allowing one country or another the advantage that other nations do not have. These regulations allow the participant countries to operate under fair rules for everybody. That is the case -for instance of NAFTA

Answer 2

The correct answer to this open question is the following.

Free market economies still have some government regulation, like minimum wage laws and workplace safety laws. Considering the goals of businesses and companies these regulations are important because they establish a common ground to operate in similar conditions, not allowing one country or another the advantage that other nations do not have. These regulations allow the participant countries to operate under fair rules for everybody. That is the case -for instance of NAFTA, the North America Free Trade Agreement that was signed in 1992 by the presidents of México, the United States, and Canada. Recently, the agreement has been reviewed by the three governments, and now it jas a new name: USMCA, the United States, México, and Canada Agreement. The Congresses of these countries have discussed new policies and negotiated new agreements that offer the three nations better conditions in different fields of the agreement.