term1 Definition1term2 Definition2term3 Definition3
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Government intervention
When the Government intervenes in the free market to try and improve the allocation of resources and therefore achieving improvement in economic and social welfare.
Maximum price control
A price ceiling for a market - Suppliers cannot legally sell the product at a higher price. Intended to make goods or services more affordable.
Minimum Price Control
A price floor for a market - Suppliers cannot sell the product legally at a lower price. Intended to make goods or services less affordable.
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