Chapter-24 Flashcards
The role of government (6 cards)
What is a local government?
A local government is a government organisation with the authority to administer a range of policies within a specific area of the country.
What is a natural monopoly?
A natural monopoly is an industry where a single firm can produce at a lower average cost than multiple firms due to significant economies of scale.
What are strategic industries?
Strategic industries are industries that are important for a country’s economic development and national safety.
What are national champions?
National champions are industries that are, or have the potential to become, world leaders.
What is a trade bloc?
A trade bloc is a regional group of countries that remove trade restrictions between themselves.
What is free international trade?
Free international trade is the exchange of goods and services between countries without any restrictions.
