Economic regulation is the practice of setting rules and guidelines by government authorities to control and oversee economic activities within a specific industry or sector. This oversight is typically aimed at ensuring fair competition, protecting consumers, and promoting overall economic stability. Economic regulation can involve setting minimum standards for products or services, establishing pricing mechanisms, issuing licenses or permits, and imposing regulations on industry practices such as mergers and acquisitions. The goal of economic regulation is to strike a balance between promoting market efficiency and preventing market failures.