IGCSE Economics Unit 4
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4 Terms
1
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Local government
A government organisation with the authority to administer a range of policies within an area of the country
2
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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.
3
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Strategic industries
industries that are important for the economic development and safety of the country
4
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National champions
industries that are or have the potential to be world leaders
Note 
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