chp 11 zupi preview%2Fkey terms (econ).docx - Key terms regulation the establishment by the government of rules aimed at influencing the behavior of

chp 11 zupi preview%2Fkey terms (econ).docx - Key terms...

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Key terms regulation: the establishment, by the government, of rules aimed at influencing the behavior of firms and individuals; regulation can involve setting prices, establishing product and workplace standards, and limiting entry into an industry eminent domain: the power of a government to take an individual’s property for public use if the owner is fairly compensated regulatory agency: a unit of government created to set and enforce standards for a particular industry or area of economic activity merger: the combining of two or more separately owned firms into a single firm Deregulation: the process of removing government restrictions on firms in order to promote competition or encourage economic activity common resource: a resource that everyone has access to and can be easily overused or destroyed; examples include the atmosphere and the oceans government failure:
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