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Economic policy encompasses the actions that governments take in the economic field. These policies can be categorized into several types:
1.Fiscal Policy: This involves government spending and tax policies. Governments use fiscal policy to influence the economy by adjusting levels of taxation and government spending.
2.Monetary Policy: This involves controlling the money supply and interest rates by a country’s central bank (like the Federal Reserve in the U.S.).
3.Trade Policy: This includes tariffs, trade agreements, and import/export regulations. Governments use trade policies to protect domestic industries, control the balance of trade, and respond to international economic conditions.
4.Regulatory Policy: This involves the implementation of laws and regulations that affect economic activity. Examples include antitrust laws, environmental regulations, and labor laws.
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