Market failure, where the free market does not make the best use of scarce resources, Regulation, various means by which government seeks to control production and consumption, Property rights, where owners have a right to decide how their assets may be used, Direct tax, one that taxes the income of people and firms and cannot be avoided, Indirect tax, a tax that is levied on goods and services, Subsidy, direct payments made by governments to the producers of goods and services, Maximum price, a price that is fixed; the market price must not exceed this price, Transfer payment, a hand out or payment made by the government to certain members of the community, Nationalisation, process by which governments take a private business into public ownership, Privatisation, refers to a change in ownership of an activity from the public sector to the private sector, Pollution permits, a form of licence given by governments that allows a firm to pollute up to a certain level, Progressive tax, where the rate of tax rises as people earn higher income, Transfer earnings, the amount that is earned by a factor of production in its best alternative use, Economic rent, a payment made to a factor of production above that which is necessary to keep it in its current use, Monopsony, where there is a single buyer in a market

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