Contestable markets 0.0 / 5 ? EconomicsCompetitive marketsA2/A-levelAQA Created by: Tanya HaldipurCreated on: 08-06-15 00:01 Contestable markets where there is free entry and free exit of other firms 1 of 18 competition policy methods that the UK govt. and the EU authorities use in order to make markets more efficient 2 of 18 restrictive trade practices methods used by firms to reduce competition in a market 3 of 18 competition commission a govt organisation responsible for implementing policy in relation to monopolies 4 of 18 dominant market position where a firm or group of firms working together have a market share of 40% 5 of 18 Office of Fair Trading a govt organisation responsible for implementing aspects of competition policy 6 of 18 department of Trade and Industry the govt department responsible for British industry 7 of 18 Public interest a term used broadly to cover the public's right not to be exploited by firm's abusing monopoly power 8 of 18 nationalisation state control of firms 9 of 18 restrictive trade practices methods used by firms to reduce competition in a market 10 of 18 natural monopoly a firm that can theoretically gain continuous EOS and where it is thus uneconomic for more than one firm to supply the market 11 of 18 enterprise culture a way of life that emphasises the importance of individuals who create their own businesses and create wealth 12 of 18 public-private partnerships (PPP) partnerships between the private and public sectors to provide public services 13 of 18 private finance initiative (PFI) a form of public-private partnership in which private sector firms undertake the bulk of the work 14 of 18 regulation setting rules and controls that restrict market freedom 15 of 18 regulatory capture where agencies set up to regulate industries or firms can be captured or influenced by the firms they are intended to oversee 16 of 18 goodwill the value of a firm in excess of its asset value including reputation, brand name, trade contacts and general expertise 17 of 18 hit and run entry where new firms enter the industry, cream off some of the supernormal profits of the incumbents and then exit 18 of 18
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