1.12 Government Objectives and Polices

Question 1

fiscal policy

Answer 1

using changes in taxation and government spending to manage the economy

Question 2

lay off (staff)

Answer 2

make employees redundant - no longer needs you

Question 3

anti-competitive practices

Answer 3

practices that prevent competition and may exploit customers: price-fixing, raising barriers of entry

Question 4

barriers of entry

Answer 4

restrictions more difficult for new firms to enter a market

Question 5

protectionism

Answer 5

use of trade barriers to protect domestic producers