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Buss. Environment 11

Business Environment Chapter 11

TermDefinition
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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