Notes Chapter 7.docx - Chapter 7 Chapter 7...

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Chapter 7Chapter 7: Business-Government Relations Vocabulary/KeywordsPublic policy: is a plan of action undertaken by government officials to achieve some broad purpose affecting a substantial segment of a nation’s citizens. Fiscal policy: refers to patterns of government collecting and spending funds that are intended to stimulate or support the economy. Monetary policy: refers to policies that affect the supply, demand, and vale of a nation’s currency.Social assistance policies: is social services provided by a government for its citizens. Examples of social welfare in the United States include Medicare, Medicaid, and temporary assistance for needy families, food benefits and section8 housing assistance.Regulation: is a primary way of accomplishing public policy.Market failure: the marketplace fails to adjust prices of the true costs of a firm’s behavior.Negative externalities: results when the manufacture or distribution of a product gives rise to unplanned or unintended costs borne by workers,

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