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Economic Obj. of Gov
Chapter 26
| Term | Definition |
|---|---|
| Economic growth | An increase in output per person in the economy. |
| Full employment | A situation in which jobs are available for all those willing to work at existing wage levels. |
| Laissez-faire | The economic doctrine that the state should not involve itself in economic matters. |
| Merit wants | Essential goods and services, such as health, education and housing, |
| Nationalisation | The takeover by the state of private sector firms in an industry so as to increase public control in that industry. |
| Private cost | The price a person or a firm has to pay to acquire a good or service, |
| Privatisation | The sale of a state-owned company to private investors, |
| Public Private Partnerships (PPPs) | Partnerships between public sector organisations and private sector investors and businesses for the purposes of designing, planning, financing constructing and/or operating infrastructure projects. |
| Social cost | The cost of a good or service to society in general. |
| Social policy | Government policy in relation to the provision of essential goods and services to all citizens regardless of their ability to pay. |
| Welfare state | A state where the benefits of economic growth are distributed fairly. |
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jmartineconomics
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