6.1 Political and legal influences Flashcards
1
Q
Privatization
A
The act of selling state-owned and controlled business organizations to investors in the private sector.
2
Q
Nationalization
A
The transfer of privately owned businesses to state ownership and control.
3
Q
Minimum wages
A
Employers cannot pay less than the set minimum wage per hour.
4
Q
Monopoly
A
A market in which there is only one supplier with no close competitors.
5
Q
Collusion
A
Businesses agree to work together and restrict competition by fixing prices and sharing contracts between themselves.
