a standard, model, or pattern. 2. general level or average: Two cars per family is the norm in most suburban communities. 3. Education. a designated standard of average performance of people of a given age, background, etc. a standard based on the past average performance of a given individual.
For example, pressure regulators are used in gas grills to regulate propane, in home heating furnaces to regulate natural gases, in medical and dental equipment to regulate oxygen and anesthesia gases, in pneumatic automation systems to regulate compressed air, in engines to regulate fuel and in fuel cells to regulate hydrogen.
Q: What is regulation in an economic system? Regulation is the placing of limits or restrictions on business activity by the government. Regulation is the placing of limits or restrictions on business activity by the government. . activity by producers. Regulation is the removal of limits or restrictions on business activity by the government. Regulation is the removal of limits or restrictions on business activity by producers. A:  activity by the government is regulation in an economic system.