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Difference between Legislation and Regulation? AQA ECON1

Hi,

Ive got my AQA ECON1 exam soon and was just wondering what the difference between legislation and regulation is?

Is regulation the laws? So for example if alcohol caused neg externalities.. could you say to regulate it by increasing the minimum age to 22?

Thankyou :smile:

Reply 1

waltgrace

They are kinda one and the same. Legislation is a law. If something is regulated then it isn't prohibited but a level of legalisation is maintained.

(edited 11 years ago)

Reply 2

DazA

Regulation is the act of a regulatory body/organisation to ensure that those who are subject to regulation are operating within the terms of the legislation.

Legislation is the law.

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Reply 3

jack0213123

Original post by bestfriends33

I don't think it matters for your exam so don't over think it. Regulation is quantity controls basically which they can in extreme cases ban a demerit good so that's the one you need to get in for government intervention.