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Government Aims

LC Economics

TermDefinition
The economic aims of the government Achieve Full Employment. Control price inflation. Achieve moderate economic growth. Boost exports. Control government finances. Broaden the tax base. Promote balanced regional development. Improve infrastructure. Improve state services.
Privatisation This is the sale of a state owned company to private owners.
Nationalisation The purchase of privately owned assets by the government/exchequer
The advantages of privatisation Improved quality / choice of services. More competitive prices. Continuity of supply. Employment opportunities. More rewards/Incentives for innovation. Revenue from sale /reduce borrowing. Shedding of loss making companies 
The disadvantages of privatisation Loss of non-profit making services. Changes to working conditions. Loss of jobs. Loss of a state resource. Costs of the Sale. Foreign ownership
Advantages of Nationalisation  Stability to economy. Availability of credit. Rationalisation of banking services. Employment / consumer protection. Development of ethical banking practices. Continued provision of banking services to the community
Private Costs Costs to the individual/company as a result of decisions they make
Social Costs all the costs of production of the output of a particular good or service. We include the third party (external) costs arising from the decision
A chemical factory emits wastage as a by-product into nearby rivers and into the atmosphere. This is an example of.... a social cost
Created by: dkellybusiness
 

 



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