Term
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Definition
| The existing firms in the industry. |
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Term
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Definition
| Where free entry and exit exists in a market. |
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Term
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Definition
| Methods that the UK government and EU authorities use in order to make markets more efficient. |
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Term
| Restrictive trade practices |
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Definition
| Methods used by firms to reduce competition in a market. |
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Term
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Definition
| A government organisation responsible for implementing policy in relation to monopolies. |
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Term
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Definition
| Where a firm, or group of firms working together, have a market share of at least 40%. |
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Term
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Definition
| A government organisation responsible for implementing aspects of competition policy. |
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Term
| Department of Trade and Industry |
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Definition
| The government department responsible for British Industry. |
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Term
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Definition
| A term used broadly to cover the public's right not to be exploited by firms abusing monopoly power. |
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Term
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Definition
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Term
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Definition
| Sales of government-owned assets to the private sector. |
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Term
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Definition
| The process of removing government controls from markets. |
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Term
| Restrictive trade practices |
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Definition
| Methods used by firms to reduce competition in a market. |
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Term
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Definition
| A firm that can theoretically gain continuous economies of scale and where it is thus uneconomic for more than one firm to supply the market. |
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Term
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Definition
| A way of life that emphasises the importance of individuals who create their own businesses and wealth. |
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Term
| Public-private partnerships (PPPs) |
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Definition
| Partnerships between the private and public sectors to provide public services. |
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Term
| Private finance initiative (PFI) |
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Definition
| A form of public-private partnership in which private sector firms undertake the bulk of the work. |
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Term
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Definition
| Setting rules and controls that restrict market freedom. |
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Term
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Definition
| Where agencies set up to regulate industries or firms can be 'captured' or influenced by the firms they are intended to oversee. |
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Term
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Definition
| The value of a firm in excess of its asset value including reputation, brand name, trade contacts and general expertise. |
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Term
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Definition
| Where new firms enter the industry, cream off some of the supernormal profits of the incumbents and then exit. |
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