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?

The regulations are important to ensure that the competition in the market run as fairly as possible and the companies wouldn't conducted inhuman exploitation to the people in the country.

Explanation:

Free market economy provided highest degree of freedom for private citizens to compete in the market compared to other economic system.

If we do not control this freedom to compete with regulations, a lot of companies would do a lot of ethical tactics in order to win the competition.

For example,

- They can use dangerous but cheap material for their products.

- They can exploit their employees work for extremely long hours with very little pay.

- They can dump their waste to the environment because its cheaper than managing the waste properly.

To prevent things like these from happening, it is important for government to create regulations. This will give a lot of benefits for the people in the country. For example: Minimum wage and safety laws provided protection for the employees,Regulations to banned a certain substances give protection for the customers, etc.

The goal of a company is to turn a profit, the return received after ALL expenses have been met. Workers’ wages are one of those expenses. If minimum wage laws did not exist, then businesses may be tempted to lower wages unreasonably in order to turn a higher profit. In addition, workplace safety can sometimes be expensive. For example, buying dust masks or replacing broken machines can increase the expenses of a business. Without regulation, some businesses may be tempted to focus on increasing profits at the risk of workers’ lives.

Explanation:

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