Edexcel Economics 8. Government Intervention in Markets

Description

Term

A restrictive practice whereby firms supply products subject to the condition that they are sold at recommended prices

A restrictive practice whereby a supplier sells to only one buyer

The extent to which demand for a product or service can be substituted for another if price is increased

Workers organisations that seek to protect and improve members' real incomes, job security, working conditions, pension rights, security against unfair dismissal, compensation rights, etc., via collective bargaining with employers

Those organisations which most commonly go about achieving their goals via bi-lateral negotiations with employers

That type of wage, alternatives to which are the living wage, income tax reform, capital investment to increase productivity, and a work for welfare scheme

That aspect of labour which is most affected by the existence of substitutes such as capital goods, the proportion of a firm's costs absorbed by labour (low where mechanisation is high), and time, with capital goods being difficult to acquire and integrate in the short run

A 1998 act that deals with anti-competitive agreements between firms (such as cartels (made a criminal offence under the 2002 Enterprise Act)) and anti-competitive practices by one or more firms in a market, based largely on EU laws and regulations

That which might encourage government to allow monopolies to form as a large domestic firm may be better able to compete internationally as is the case with airlines

Where the prices charged by firms are regulated such as by price caps of the RPI - X system?

Description

Term

The relationship between the wage rate and the supply of labour ceteris paribus

That which if increased, may cause an income effect encouraging leisure consumption as an individual receiving a higher income will have more to spend on leisure

A set of measures designed to promote competition in markets and protect consumers in order to enhance the efficiency of markets

That, the benefit of which the that it can improve the financing of public sector projects, and allows for risk to be shared between the public and private sectors, hopefully allowing for gains in efficiency

That the purpose of which is to protect workers from exploitation, alleviate poverty, prevent voluntary unemployment by making work pay, and encourage firms to invest in training to increase productivity

The sector in which most trade union members work

Where the profits made by firms are regulated such as by limiting the permitted rate of return

The additional output produced by a firm increasing its labour input by one unit (such as one more person-hour) holding capital constant, and subject to the law of diminishing returns

Those types of body, of which the UK's four main industrial ones are; Ofcom (communications), Ofgem (electricity and gas), Ofwat (water), and the Office of Rail and Road (ORR)

Where a government service or private business venture is funded and operated through a partnership of government and the private sector