The government plays a variety of roles in business primarily to ensure that the public's interests are preserved and to control any and all market failure. Even though most businesses are privately owned, the government provides certain guidelines for business owners.
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To ensure that the general public has adequate information to make informed choices, the government ensures that businesses make available all necessary information to the public. This includes proper labelling on all goods available for sale. In this way, the government protects public health and safety.
To keep any one business or company from becoming too powerful and cornering the marketplace, the government has created antitrust laws to control or break up any monopolies. This allows the consumer to have a variety of fair options in the market to choose from.
To ensure that businesses are held accountable for their actions, the government has created strict regulations for each different type of business. individual businesses must take ownership of any negative effects created while doing business. An example of a business creating negative effects includes a factory creating pollution.
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