IGCSE Economics Unit 4

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Local government

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4 Terms

1

Local government

A government organisation with the authority to administer a range of policies within an area of the country

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2

Natural monopoly

Natural monopoly: an industry where a single firm can produce at a lower average cost than two or more firms because of the existence of significant economies of scale.

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3

Strategic industries

industries that are important for the economic development and safety of the country

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4

National champions

industries that are or have the potential to be world leaders

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