12 Government objectives and policies Flashcards
legal framework
structure of a society, or a legar or political system
constraint
something that limits your freedom to do what you want
fisical policy
using changes in taxation and governemnt expenditure to manage the economy
lay off (staff)
make employees redundant
social security payments
money take by the British government from people’s wages to pay for the system of payments to people who are unemployed or ill
anti-competitive practices
(restrictive trade practices) attempts by firms to prevent or restrict competition
barriers to entry
restrictions that mean it is difficult for new firms to enter a market
fit for purpose
usable (by a consumer) for the purpose for which it was intended
merger
two or more businesses joining together to form one new firm
protectionism
use of trade barriers to protect domestic producers
infant industries
new industries that are yet to be established
dumping
where a business sells goods in another country often below cost
trade barriers
measures designed to restrict trade
quota
physical limit on the quantity of imports allowed into a country
subsidy
financial support given to a domestic producer to help compete with overseas firms
