Final answer:
The term 'Regulatory framework' describes the rules and regulations that govern the practices and procedures of industries, businesses, and professions. It includes legislative standards and ensures compliance with safety, environmental, and market standards. The correct option is 4.
Step-by-step explanation:
The term that refers to regulations and rules that govern the practices and procedures of specific industries, businesses, and professions is Regulatory framework.
This comprehensive term encompasses the myriad of legislative standards, operational guidelines, and industry protocols which ensure that businesses and professionals comply with the foundational principles laid out by authorities.
These regulations can include licensing requirements, safety and environmental standards, and are crucial for maintaining an even playing field in the market. Bureaucratic rulemaking creates these regulations and standard operating procedures, which then guide the actions of corporations and individuals within the economy.
Overly stringent regulations might discourage international trade as companies could find it too burdensome to comply with high standards in different countries. The correct option is 4.