Pol213 (Exam 1) - Kt - Chapter 8

Front 1

Negative externalities

Back 1

result when the manufacture or distribution of a product gives rise to unplanned or unintended costs borne by consumers, competitors, neighboring communities, or other business stakeholders.

Front 2

Public policy

Back 2

is a plan of action undertaken by government officials to achieve some broad purpose affecting substantial segment of a nations citizens.

Front 3

Fiscal policy

Back 3

refers to patterns of government taxing and spending that are intended to stimulate or support the economy.

Front 4

Monetary policy

Back 4

refers to policies that affect the supply, demand, and value of a nations currency

Front 5

Social assistance policies

Back 5

that affect particular stakeholders are discussed in subsequent chapters but one is health care.

Front 6

Regulation

Back 6

is a primary way of accomplishing public policy. Societies rely on gov to establish rules of conduct for citizens and orgs. Called regulations.

Front 7

Market failure

Back 7

the marketplace fails to adjust prices for the true costs of a firms behavior.

Front 8

Natural monopolies

Back 8

a company that can raise its prices as much as it wants because there is no competition and in such times gov intervenes to set prices.

Front 9

Economic regulations

Back 9

aim to modify the normal operation of the free market and the forces of supply and demand.

Front 10

Social regulation

Back 10

are aimed at such important social goals as protecting consumers and the environment and providing workers with safe and healthy working conditions.

Front 11

Cost-benefit analysis

Back 11

helps the public analyze what is at stake when new regulation is sought.

Front 12

Deregulation

Back 12

is the removal or scaling down of regulatory authority and regulatory activities of the government.

Front 13

Reregulation

Back 13

is the increase or expansion of government regulation, especially in areas where the regulatory activities had previously been reduced.