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.
The process through which the government takes ownership of a private business or industry.
A natural monopoly occurs in an industry where the most efficient producer is a single entity, typically due to high fixed costs and significant economies of scale. Most natural monopolies are utilities or similar entities.
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.
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.
