Reduction or elimination of government power in an industry to enhance competition.
EF 5-6 Vocab Review

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Social Studies
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12th Grade
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Hard
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1.
FLASHCARD QUESTION
Front
Back
Deregulation
2.
FLASHCARD QUESTION
Front
Systematic over/underproduction of goods/services due to external factors.
Back
Market failures
3.
FLASHCARD QUESTION
Front
Private property in a market economy includes exclusive use, legal protection, and transfer rights, defined and enforced by government.
Back
Property rights
4.
FLASHCARD QUESTION
Front
Goods supplied by the government, where one person's use doesn't reduce availability for others, and consumption isn't limited to payers.
Back
Public goods
5.
FLASHCARD QUESTION
Front
Items supplied by the government (e.g., schools, roads) enjoyed by all, funded by taxes.
Back
Public Goods and Services
6.
FLASHCARD QUESTION
Front
Transfer payments involve government taxation and spending to assist lower-income groups, aiming to redistribute income (e.g., welfare, social security, food stamps).
Back
Redistribution of income
7.
FLASHCARD QUESTION
Front
Controlling price/output in an industry, affecting natural monopolies. Examples: health, safety, performance, environmental, output, job standards.
Back
Regulations
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