Mgmt 307

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Mgmt 307
2012-02-15 20:28:36
important facts definitions

Chps. 10-14,17-18
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  1. A clause in Article I, Section 8 of teh Consitution that gives Congress the power "to regulate Commerce with foreign nations, and among the several States, and with teh Indian Tribes". It has been interpreted to give the federal government wide power to regulate business
    Commerce clause
  2. a regulatory agency run by a small group of cmmissoners independent of political control
    independent commission
  3. a regulatory agency in the executive branch run by a sinle adminstrator
    executive agency
  4. the removal or substantial reduction of the body of regulation covering an industry
  5. a program that gave federal regualators power to exchance funds for an ownership interrest in banks and corporations
    Troubled Assest Relief Program
  6. government activity that guides the behavior of citizens, groups, and corporations to rech economic or social goals
  7. a drecree isued by an agency to implement a law passed bu Congress
  8. a daily government puvlication containing proposed rules, final rules, notices of public meetings by regulatory agencies, and presidential executive orders
    federal register
  9. a rule with an annual effect on the economy of $100 million or more
    significant regulatory action
  10. a reference work that compiles regulations of all agencies in a series of volumes
    code of federal regulations
  11. information in nonbinding documens intended to clarify official regulations
  12. the general rule that federal courts should defer to agecy rules that are based on reasonable interpreations of ambiguous statues
    cheveron doctrine
  13. Two reasons to justify _____ of the private sector:
    1. when flaws appear in the market that lead to undesirable consequences

    2. when sufficient social or political reasons for _____ exist
    Reasons to regualate business
  14. 1. oringinates in an act of Congress
    2. bill passed by both houses of Congress and signed by the president, its provisions become a law
    3.responsibility of teh appropriate regualtory agency to create the specific rules needed to implement the provisions of the bill
    How Regulaions are made
  15. 1. regulatory agencies create rules that have the force of law
    2. rules are created in a complex, formal ____ process
    3. process is designed to protect the public from arbitrary and capricious acts of government
  16. firm can supply the entire market more cheaply than a combination of smaller firms
    natural monopoly
  17. companies dominate an industry and enage in unfair/ destructive means
    destructive competition
  18. costs of production are borne by society, not by the enterprise
  19. 1. total dollar cost
    2. cost of administering the regulatory process
    3. other cost are large but are indirect and much more difficult to quantify
    regulatory burden
  20. 1. reduced discrimination 2. cleaned the environment
    3. freed compeition 4. reduced corruption 5. banned dangerous products 6. strengthened the banking system
    7. cut workplaces fatalities 8. helped the elderly 9. controlled communicable diseases 10. prevent monopoly 11. improve the position of minorities
    Regulatory Benefits
  21. 1. simplify and deregulate in competitive markets
    2. focus on enhancing property rights
    3. expand the use of technology
    4. reduce court involement in business matters
    5. make reform a continuous process
    principles of good regulation