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MGMT 3211 Chapter 8

antitrust laws
laws that promote competition or that oppose trusts, monopolies, or other business combinations that restrain trade
cost-benefit analysis
a systematic method of calculating the costs and benefits of a project or activity that is intended to produce benefits
the removal or scaling down of regulatory authority and regulatory activities of government
Dodd-Frank Act
legislation passed in the U.S. in 2011 in response to the financial crisis; extensively reformed the regulation of financial institutions such as banks and credit rating agencies, established a new consumer financial protection bureau, and changed corporate governance and executive compensation rules
economic regulation
the oldest form of regulation in the U.S., aimed at modifying the normal operations of the free market and the forces of supply and demand
fiscal policy
the patterns of taxing and spending adopted by a government to stimulate or support the economy
market failure
inability of the marketplace to properly adjust prices for the true costs of a firm’s behavior
monetary policy
government actions that affect the supply, demand, and value of money in the economy
natural monopolies
where a concentration of the market is acquired by a few firms due to the nature of the industry rather than because of company practices
negative externalities (spill over effect)
when the manufacture or distributor of a product gives rise to unplanned or unintended costs borne by consumers, competitors, neighborhood communities, or other business stakeholders
predatory pricing
the practice of selling below cost to drive rivals out of business
public policy
a plan of action undertaken by government officials to achieve some broad purpose affecting a substantial segment of the public
the action of government to establish rules by which industry or other groups must behave in conducting their normal activities
the increase or expansion of government regulation on activities where regulatory activities had previously been reduced
social assistance policies
government programs aimed at improving social welfare in such areas as health care and education
social regulation
regulations intended to accomplish certain social improvements such as equal employment opportunity, on-the-job safety and health, and the protection of the natural environment
A cooperative government-business relationship on one issue does not guarantee cooperation on another issue.
A national health care policy is an example of an economic policy.
Cost-benefit analysis is often used to determine the costs of regulation.
Government and business together establish the regulatory rules under which business operates in society.
In Europe, unions are prohibited by law to be on businesses’ administrative boards.
In non-democratic countries, the power of government may derive from a monarchy, military dictatorship, or religious authority.
Monetary policies refer to policies that affect the supply, demand and value of the nation’s currency.
Predatory pricing is a violation of antitrust laws.
Public policy effects are always unintended consequences of an action.
Public policy is a plan of action undertaken by business to influence the government.
Regulation cannot be applied to international business behavior.
Regulatory activity often is cyclical.
Sometimes national leaders resist the notion of international regulation, seeking to control matters of commerce themselves within their own countries.
The United Nations oversees all international agreements concerning regulations between nations.

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