Textbook Notes (369,072)
United States (206,190)
MGMT 2850 (8)
Chapter 7

MGMT 2850 Chapter 7: Ch 7 Business and Government
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Department
Management
Course Code
MGMT 2850
Professor
Novak Kathleen

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Description
Chapter 7 Business and Government Public policy: plan of action undertaken by government officials to achieve some broad purpose affecting a substantial segment of a nations citizens. o what a government chooses to do or not to do o Types of public policy: Economic policies Fiscal policy: patterns of government collecting and spending funds that are intended to stimulate or support the economy Monetary policy: policies that affect the supply, demand and value of a nations currency Social assistance policies government programs aimed at improving social welfare in such areas as health care and education o Regulation: the action of government to establish rules by which industry or other groups must behave in conducting their normal activities Economic regulation: aim to modify the normal operation of the free market and the forces of supply and demand DoddFrank Act: regulation as a response to the global recession Antitrust laws: laws that seek to preserve competition in the marketplace and prohibit unfair, anticompetitive practices by business o Two main antitrust enforcement agencies: Antitrust division of the US Department of Justice and the Federal Trade Commission Predatory pricing: selling below cost to drive rivals out of business Social regulation: regulations aimed at important social goals such as protecting consumers and the environment, promoting equal employment opportunity, protecting pension benefits and providing health care for citizens Affordable Care Act o Market failure: inability of the marketplace to properly adjust prices for the true costs of a firms behavior o Negative externalities: when the manufacture or distribution of a product gives rise to unplanned or unintended costs borne by consumers, competitors, neighboring communities or other stakeholders o 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
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