ECONOMICS UNIT 3 - Regulators/Competition Commission Watch

rhysvol1995
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Revision for economics unit 3 was going well but just got myself a bit confused... In multiple choice questions, if the question mentions regulation for my definition I say "the role of a regulator is to act in the interests of consumers, by acting as a surrogate for competition"

However ive just realised ive been using the same definition for competition commission.... is this wrong? are they completely different things so have different definitions?

For example I would say the role of competition commission is to act as a surrogate for competition by restricting anti competitive behaviour.

Bit confused atm so if anybody can clear that up it would be appreciated.
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Mav455
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The Competition Commission is a non-departmental public body responsible for investigating mergers, markets and other enquiries related to regulated industries under competition law in the United Kingdom. While a Regulator is a person or body that supervises a particular industry or business activity.
Taken from Tutor2u:
Regulators are the rule-enforcers and they are appointed by the government to oversee how a market works and the outcomes that result for both producers and consumers. Examples of regulators include the Office of Fair Trading and the Competition Commission.

Heres the link to the article if you`re interested
http://www.tutor2u.net/blog/index.ph...etition-policy

Hope that helps
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Mav455
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Report 5 years ago
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The Competition Commission is a non-departmental public body responsible for investigating mergers, markets and other enquiries related to regulated industries under competition law in the United Kingdom. While a Regulator is a person or body that supervises a particular industry or business activity.
Taken from Tutor2u:
Regulators are the rule-enforcers and they are appointed by the government to oversee how a market works and the outcomes that result for both producers and consumers. Examples of regulators include the Office of Fair Trading and the Competition Commission.

Heres the link to the article if you`re interested
http://www.tutor2u.net/blog/index.ph...etition-policy

Hope that helps
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