3.2.3.4 Flashcards
What is decriminlisation?
The action of ceasing to treat something as illegal or as a criminal offence. Restrictions are however put on buyers and sellers.
What is deregulation?
Remove or reduce government controls.
What is an embargo?
A ban on the import of a product/products from a certain country.
What is legalising?
Anyone can buy and sell a product or service.
What is a pollution permit?
When the government issues documents that only allow forms to emit a certain amount of pollution.
What is privatisation?
Selling of a company from the state to the private sector.
What is prohibition?
Banning of buying and selling a particular product or service.
What is protectionism?
Methods of restricting imports and potentially increasing exports.
What is a quota?
It is a limit on the number of imports of certain products.
What is a regulaiton?
It is an industry that is closely controlled by the government.
What is a subsidy?
It is money given to industries by the government to attract them or make them more competitive.
What is a tariff?
A tax placed on imports.
