Public Policy Flashcards
prohibit unfair, anticompetitive practices by business.
Antitrust laws
is the removal or scaling down of regulatory authority and regulatory activities of government.
Deregulation
aim to modify the normal operation of the free market and the forces of supply and demand.
Economic regulations
patterns of government collecting and spending funds that are intended to stimulate or support the economy.
Fiscal policy
the marketplace fails to adjust prices for the true costs of a firms behavior.
Market failure
policies that affect the supply, demand, and value of a nations currency.
Momentary Policy
where a concentration of the market is acquired by a few firms due to the nature of the industry rather than because of company practices.
Natural monopoly
when the manufacture or distribution of a product gives rise to unplanned or unintended costs (economic, physical, or psychological) borne by consumers, competitors, neighboring communities, or other business stakeholders.
Negative externality
a plan of action undertaken by government officials to achieve some broad purpose affecting a substantial segment of a nations citizens.
Public policy
the action of government to establish rules by which industry or other groups must behave in conducting their normal activities.
Regulation
the increase of expansion of government regulation on activities, especially in areas where the regulatory activities had previously been reduced.
Reregulation
regulations aimed at important social goals such as protecting consumers and the environment, promoting equal employment opportunity, protecting pension benefits, and providing health care for citizens.
Social regulation
What are the four elements of public policy?
inputs, goals, tools, and effects.
What are some of the reasons used to justify new regulation?
?
