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What does the term media effects mean?

the way media influences the audience (impact on lifestyle) Active audience and passive audience. There Is always a debate

What does regulations means?

regulations are rules that a media company have to follow while creating a product

-PEGI regulates the content of video games 

-BBFC regulates British board of film classification

-IPSO independent press standards organisation

-OFCOM office of coms tv+radio

-ASA advert standards authority 

These all monitor content to protect society. Most important one is age ratings.