Term
| Collectivistic ethic of government |
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Definition
-Collectivistic ethic
-Subordination of individual goals and self-interest to group goals and group interests
-Maximizing the obligations assumed by the individual and discouraging self-interest
-Emphasizes equality of individuals |
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Term
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Definition
| From an economic perspective, there is a continual striving for the balance of freedom and control for buisness that will be best for society. From a political perspective, there is an ongoing interplay of different societal goals and means for achieving tose goals. |
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Term
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Definition
| the act of being put under federal control |
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Term
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Definition
| Governmental actions affecting, or seeking to affect, the sectoral composition of the economy by influencing the development of particular industries. |
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Term
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Definition
Where scale economies imply that only one firm could supply efficiently, ie at low cost to the market.
-a monopoly that exists because average costs of production are declining beyond the level of output demanded in the market, thus making entry unprofitable and making it efficient for there to be a single firm |
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Term
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Definition
| In economics, an externality is an impact (positive or negative) on any party not involved in a given economic transaction. |
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Term
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Definition
| Government-imposed restrictions designed to discourage or prohibit harmful corporate behavior (such as polluting the environment or putting workers in dangerous work situations) or to encourage behavior deemed socially desirable. |
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