Question

Across1) In economics, this is a rivalry that may refer to rivalry among firms, or individuals, or the race to control resources. 2) These are the legal restrictions set forth by a government to produce desired outcomes.

Answer 1

1. Competition

2. Regulation

Step-by-step explanation:

In economics, competition refers to the situation where different firm tries to take control or obtain a share of a limited good by making changes in price, place, product, or promotion.

Competition arises out of scarcity. Every seller is trying to obtain what other sellers want such as, sales, profits, market share.

Regulations can be defined as the restrictions that are imposed by the government to get the desired outputs. These restrictions can be imposed on price or production or wages, for instance, price ceilings, minimum wages, etc.