Unit 4 Lesson 11 Vocab Review

Front

What is the term for the establishment of rules aimed at influencing the behavior of firms and individuals?

Back

Regulation

Front

What is the power of a government to take private property for public use with fair compensation called?

Back

Eminent Domain

Front

What is the process of removing government restrictions on firms to promote competition or economic activity?

Back

Deregulation

Front

What is the term for the combining of two or more separately owned firms into a single firm?

Back

Merger

Front

What is the illegal practice where firms agree in advance who will submit the lowest bid for a contract?

Back

Bid Rigging

Front

What is the illegal practice where firms agree to set a common price for a good or service?

Back

Price Fixing

Front

What is the term for a government unit created to set and enforce standards for specific industries or economic activities?

Back

Regulatory Agency

Front

What is the term for a circumstance where a shared resource is overused or destroyed due to lack of preservation responsibility?

Back

Tragedy of the Commons

Front

What is the term for converting a publicly owned resource to private ownership?

Back

Privatize

Front

What is the percentage of the population below the poverty line called?

Back

Poverty Rate