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13 Cards in this Set
- Front
- Back
Negative externalities
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result when the manufacture or distribution of a product gives rise to unplanned or unintended costs borne by consumers, competitors, neighboring communities, or other business stakeholders.
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Public policy
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is a plan of action undertaken by government officials to achieve some broad purpose affecting substantial segment of a nations citizens.
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Fiscal policy
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refers to patterns of government taxing and spending that are intended to stimulate or support the economy.
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Monetary policy
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refers to policies that affect the supply, demand, and value of a nations currency
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Social assistance policies
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that affect particular stakeholders are discussed in subsequent chapters but one is health care.
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Regulation
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is a primary way of accomplishing public policy. Societies rely on gov to establish rules of conduct for citizens and orgs. Called regulations.
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Market failure
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the marketplace fails to adjust prices for the true costs of a firms behavior.
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Natural monopolies
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a company that can raise its prices as much as it wants because there is no competition and in such times gov intervenes to set prices.
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Economic regulations
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aim to modify the normal operation of the free market and the forces of supply and demand.
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Social regulation
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are aimed at such important social goals as protecting consumers and the environment and providing workers with safe and healthy working conditions.
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Cost-benefit analysis
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helps the public analyze what is at stake when new regulation is sought.
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Deregulation
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is the removal or scaling down of regulatory authority and regulatory activities of the government.
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Reregulation
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is the increase or expansion of government regulation, especially in areas where the regulatory activities had previously been reduced.
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