Chapter 24: The role of government Flashcards
1
Q
Local government
A
A government organisation with the authority to administer a range of policies within an area of the country
2
Q
Natural monopoly
A
An industry where a single firm can produce at a lower average cost than two or more firms because of the existence of significant economies of scale
3
Q
Strategic industries
A
Industries that are important for the economic development and safety of the country
4
Q
National champions
A
Industries that are, or have the potential to be, world leaders
5
Q
Trade bloc
A
A regional group of countries that remove trade restrictions between themselves
6
Q
Free international trade
A
The exchange of goods and services between countries without any restrictions
