13958509
Description
Flashcards by Jesse McNab, updated more than 1 year ago
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Created by Jesse McNab
over 6 years ago
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| Question | Answer |
| Subsidies | government grant to give the effect of a reduction in production costs |
| Maximum price | a price, usually set by the government, which makes it illegal for firms to sell the product for more than a certain price |
| Minimum price | a price, usually set by the government, which is guaranteed to producers |
| tradeable pollution permits | rights to buy and sell actual or potential pollution in artificially created markets |
| property rights | ownership rights |
| government failure | when government intervention results in a net welfare loss |
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