Specific government organizations in a firm's immediate task environment are called: Substitutes, economic indicators, new entrants or regulators?


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Specific government organizations in a firm's immediate task environment are called regulators. Often referred to as regulatory agencies, authorities or bodies, they are responsible for acting as an autonomous authority over a particular area of human activity within a supervisory or regulatory capacity. Within the government, independent regulatory agencies are ones that are independent from other branches of the government. The agencies often deal within the area of administrative law, i.e. Deal with regulations of rulemaking. This will include creating and enforcing regulations and rules as well as supervising the benefit these rules and regulations have on the public on a grand scale).

The primary reason a government will have separate branches of regulators is because of the specific expertise that is required to tackle the complexity of some of the regulatory and supervisory tasks. They are also required to implement public authority in certain sectors rapidly and deal with the drawbacks of political interference. While some regulators are authorized to fine parties and order measures, others simply perform audits or investigations. Often a part of the executive branch of the government, regulatory agencies have statutory authority to implement and perform their functions alongside the legislative branch. The actions made by regulators are almost always open to legal review.

Regulators will use a number of mechanisms to fulfill their job role. These include, to name but a few, the procedures of consultation and participation, the arrangements for review of administrative decisions by courts or other bodies, the transparency of information and decision making and requirement that administrators give reasons explaining their actions.

In many cases, regulatory authorities are organized and set up to oversee the use of public goods, enforce safety and standards and regulate commerce. Within the United Kingdom an example of a regulator is Ofcom. In the United States, both the U.S. Food and Drug Administration and the Interstate Commerce Commission are examples of regulatory agencies.

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