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Economic Objectives

The Economic Objectives of the Government

TermDefinition
Laissez-Faire A government policy of not interfering unnecessarily with the operations of private companies.
Privatisation The sale of a state-owned company to private investors.
Nationalisation The takeover by the state of private sector firms.
Public Private Partnerships (PPPs) Partnerships between public sector organizations and private sector investors and businesses for the purpose of designing, planning, financing, constructing and/or operating infrastructure projects.
Full employment A situation in which jobs are available for all those willing to work at existing wage levels.
Economic growth The increase in output per person in the economy.
Equilibrium on the balance of payments Means a situation where a countries exports are roughly equal to their imports.
Social policy Government policy in relation to the provision of essential goods and services to all citizens regardless of their ability to pay.
The private cost of a good or service The price a person or a firm has to pay to acquire that good.
The social cost of a good or a service The cost of that good or service to society in general.
Created by: marymaloney
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