The Economic Objectives of the Government
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
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| Laissez-Faire | A government policy of not interfering unnecessarily with the operations of private companies.
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| Privatisation | The sale of a state-owned company to private investors.
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| Nationalisation | The takeover by the state of private sector firms.
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| 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.
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| Full employment | A situation in which jobs are available for all those willing to work at existing wage levels.
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| Economic growth | The increase in output per person in the economy.
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| Equilibrium on the balance of payments | Means a situation where a countries exports are roughly equal to their imports.
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| Social policy | Government policy in relation to the provision of essential goods and services to all citizens regardless of their ability to pay.
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| The private cost of a good or service | The price a person or a firm has to pay to acquire that good.
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| The social cost of a good or a service | The cost of that good or service to society in general.
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