What term refers to something that holds you to the rules set by governing bodies?

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Study for the EPF Supply and Demand Test. Use flashcards and multiple choice questions with hints and explanations. Prepare confidently with key concepts and questions to ace your exam!

The term that refers to something that holds you to the rules set by governing bodies is "Regulatory." Regulations are established by authorities to ensure compliance with laws and standards that govern behavior in various sectors. These rules are meant to protect the public interest and ensure that entities operate within established guidelines.

Regulatory frameworks often dictate what is required (mandatory) and what is suggested (advisory), and they apply to a range of areas, including business practices, environmental protection, and public safety. Entities that fall under regulatory oversight must adhere strictly to these rules; failure to do so can result in penalties or legal repercussions. This emphasizes the binding nature of regulations as opposed to other terms that might suggest choices (such as voluntary actions) or recommendations (like advisories) that do not carry the same weight of obligation.

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