What is public choice analysis?
Public choice, or public choice theory, is “the use of economic tools to deal with traditional problems of political science”. Its content includes the study of political behavior. Since voter behavior influences the behavior of public officials, public-choice theory often uses results from social-choice theory.
Which of the following is considered a potential solution to some regulatory capture?
Nearly everyone with expertise works in the regulated industry. Which of the following is considered a potential solution to some regulatory capture? Deregulation of the industry.
What is public choice approach in public administration?
Public choice approach is the application of economics in the study of public administration. This approach is advocated by Chicago school of economists such as Vincent ostram and niskanen during 1960s.It was suggested as a method to improve the performance of government in quality delivery of goods and services.
What is self interest in economics quizlet?
Naturally selfish creatures who are programmed to pursue their own interests. Self-interest generally refers to a focus on the needs or desires (interests) of the self. A number of philosophical, psychological, and economic theories examine the role of self-interest in motivating human action.
What are incentives in economics?
In the most general terms, an incentive is anything that motivates a person to do something. When we’re talking about economics, the definition becomes a bit narrower: Economic incentives are financial motivations for people to take certain actions.
What is the purpose of competition economics quizlet?
Terms in this set (18) Competition – the actions of individuals and firms striving for a greater market share to sell or buy goods and services. The basic difference between pure and monopolistic competitors is that the latter refrains from selling identical products by employing product differentiation.
What are the characteristics and function of money in the economy?
The characteristics of money are durability, portability, divisibility, uniformity, limited supply, and acceptability.
What are the 4 uses of money?
Money serves four basic functions: it is a unit of account, it’s a store of value, it is a medium of exchange and finally, it is a standard of deferred payment.