What aspect does the Federal Acquisition Regulation (FAR) primarily govern?

The Federal Acquisition Regulation (FAR) primarily governs the policies for procuring goods and services by federal agencies. This comprehensive regulation establishes the guidelines and standards that federal agencies must follow when acquiring various products and services, ensuring consistency, fairness, and transparency in the procurement process. It outlines procedures for competitive bidding, contract types, and the responsibilities of all parties involved in federal contracts.

Understanding the FAR is crucial for anyone involved in federal contracting, as it shapes how contracts are solicited, awarded, and managed. By adhering to the FAR, agencies aim to secure the best value for taxpayer dollars and promote integrity in the procurement system. The other options pertain to areas outside the scope of PA, such as state-level contracting, international trade, and corporate mergers, which are governed by different regulations and policies.