The role of government

Question 1

Define nationalisation.

Answer 1

Nationalisation means taking a company or assets in the private sector into public ownership by the government.

Question 2

Define privatisation.

Answer 2

Privatisation is the sale of a semi-state body or public assets into the private sector.

Question 3

Define full employment.

Answer 3

Full employment is a situation in which employment is available for all those prepared to work at existing wages. It occurs when the labour force is full employed in productive work.