CHAPTER 56 GOVERNMENT INTERVENTION AND PRODUCT MARKETS Flashcards

1
Q

Competitive tendering

A

Introducing competition among private sector firms which put in bids for work which has been contracted out by the public sector.

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2
Q

Contracting out

A

Getting private sector firms to produce the goods and services which are then provided by the state for its citizens.

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3
Q

Deregulation

A

The process of removing government controls from markets.

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4
Q

Regulatory capture

A

An example of government failure, it occurs when firms in an industry are able to influence to their advantage a regulatory body which is supposed to be regulating the behaviour of those firms.

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5
Q

Nationalisation

A

The transfer of firms or assets from private sector ownership to state ownership. It is the opposite of privatisation.

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6
Q

Privatisation

A

The transfer of organisations or assets from state ownership to private sector ownership. It is the opposite of nationalisation.

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