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Buss. Environment 11
Business Environment Chapter 11
| Term | Definition |
|---|---|
| Collectivistic ethic of government | A system of beliefs that subordinates self-interests to the interests of the group |
| Deregulation | The act of removing government authority from business |
| Direct costs (of regulation) | The cost of creating and maintaining regulatory agencies |
| Economic regulation | The classical form of government regulation |
| Excess profits | Radically increased profits that are somehow "undeserved |
| Excessive competition | A state in which competing firms may set prices at unprofitably low levels |
| Federalization | The assumption by the federal government of a function or service previously handled by the private sector or local government |
| Indirect costs (of regulation) | Costs for such things as forms |
| Individualistic ethic of business | A system of beliefs that emphasizes a maximum concession to self-interest |
| Induced costs (of regulation) | More diffuse but significant costs of regulation |
| Industrial policy | State intervention that affects industry as a distinct part of the economy |
| Market failure | Any of a number of failures of the free enterprise system |
| Natural monopoly | A market state in which the economies of scale are so great that the largest firm can supply the entire market more cheaply and efficiently that can several smaller firms |
| Negative externalities | The unintended consequences of the manufacture or use of a product that affect other people than the producer and consumer |
| Privatization | The process of turning over to the private sector a function previously handled by the government |
| Regulation | The act of governing |
| Social costs | The "costs" of negative externalities |
| Social goals | A rationale for certain forms of government regulation |
| Social regulation | Government regulation that focuses on business's impact on people |
Created by:
poolguy84
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