Final answer:
Deregulation is when government reduces restraints on individuals or private institutions, promoting more freedom in business decisions.
Explanation:
Deregulation refers to the reduction or elimination of laws that were previously enforced on a specific industry. In the context of government policies, when restraints on the conduct of individuals or private institutions are reduced or eliminated, this is known as deregulation. This allows for more freedom in business decisions and may impact market competition.
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