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| Term | Definition |
|---|---|
| Private Property Rights | Legal claim that guarantees an owner the right to use a resource or to change others for its use |
| Antitrust Laws | Laws that prohibit anticompetitive behavior and promote competition in markets where competition is desirable |
| Natural Monopoly | One firm that can serve the entire market at a lower per-unit cost than two or more firms |
| Monetary Policy | The central bank's attempts to control the money supply to influence the national economy |
| Fiscal Policy | The federal government's use of taxing and public spending to influence the national economy |
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| Terms | 5 |
| Creator | mjdolenko |
| Created | October 7, 2009 |
| Group | DRHS Economics |
| Subject | Economics |
| Access | Anyone |
| Edit | Creator Only |
The private sector would not run smoothly on its own in a pure market economy. With no government, there would be no laws protecting your rights and property. People could rob you of your earnings and possessions. They could also steal your inventions and ideas. Business contracts would have no binding force without laws and the authority to enforce those laws. Some firms could also sell unsafe or defective products or otherwise cheat consumers. These actions could bring about reduced economic activity and result in high unemployment. Government regulations address these market shortcomings.