An administered price is a price of a good that is specified by a governmental or some other nonmarket agency. Examples include wage price controls and rent controls.
The removal of controls imposed by governments on the operation of markets, aiming to enhance efficiency and competition but potentially contributing to economic instability under certain conditions.
Exchange control refers to government-imposed restrictions on the purchase and sale of foreign currencies. These controls are often instituted by countries experiencing shortages of hard currencies and can include different regulations for transactions that affect the capital account of the balance of payments.
An import quota is an imposed limit on the quantity of a particular good that may be brought into a country or economy over a specified period of time. These quotas may be implemented by governments, foreign governments, or producers themselves.
Government effort to control wages, prices, and costs by imposing wage and price controls, typically in response to unacceptable levels of inflation.
The mercantile system, also known as Mercantilism, is an economic policy that is designed to maximize the exports and minimize the imports for an economy. It promotes governmental regulation of a nation's economy to augment state power at the expense of rival national powers.
Mercantilism is an economic theory and practice dominant in Europe during the 17th and 18th centuries that promoted governmental regulation of a nation's economy for the purpose of augmenting state power at the expense of rival national powers. It advocates that a nation should export more than it imports to accumulate wealth, primarily in the form of precious metals like gold and silver. Under mercantilism, trade surpluses were viewed as critical for increasing the nation's reserves.
The negotiated market price is a price that is set by negotiation between producers and the government, usually due to wartime restrictions, unexpected shortages, or natural monopoly situations.
Transactions that are concealed from formal accounting records to avoid taxation or government regulation, often referred to as 'off the books' transactions, can occur in the form of cash payments or barter trades.
A permit is a document issued by a government regulatory authority that grants the bearer permission to undertake a specific action. Permits are often required for activities that could have legal, environmental, safety, or public health implications.
Constitutional, statutory, or judicial law developed by governments and applied equally to the general public. Contrast with Private Law.
Public utilities are for-profit companies characterized by natural monopolies due to the nature of their business, leading to government regulation to ensure fair pricing and distribution.
A recall study is an investigation conducted by a manufacturer or governmental authority to assess the necessity of recalling a product due to defects or safety issues. This process evaluates if the defect is isolated or widespread and determines actions such as returning, repairing, or replacing the product.
A work permit is a provisional status provided by the government to foreign individuals, allowing them to work legally in the host country for a specified period.
