What do we call the rules or processes that must be followed in business operations?

The concept of rules or processes that must be followed in business operations is best captured by the term "regulations." Regulations are official rules or laws created by government bodies that businesses must adhere to in order to operate legally and ethically. They are often established to protect consumers, ensure fair competition, and maintain standards within various industries.

In contrast, policies typically refer to an organization’s internal guidelines that shape its decision-making and operational procedures but are more flexible than regulations. Guidelines are recommendations that provide direction but do not have the same force as regulations. Standards generally refer to established criteria or benchmarks that products or services must meet, but these are not necessarily enforced in the same way regulations are.

Thus, regulations are key in ensuring compliance and maintaining order in business operations, making this the correct answer for identifying the mandatory rules or processes that govern businesses.