Economics

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Definition	Term
Long-term changes in the pattern and nature of production in the economy.	structural change
The ability of a firm or industry to adapt to changes in consumer demand and technology.	dynamic efficiency
A body of economic thought stressing the efficiency of production to increase economic growth.	supply-side economics
The removal of direct government control over markets to increase efficiency and competition.	deregulation
GBEs develop management structures and performance objectives similar to private enterprises.	corporatisation
Involves government policy changes to increase the level of competition and efficiency in the economy.	microeconomic reform
The sale of government enterprises to private firms and individuals.	privatisation
Firms produce goods and services that are purchased by consumers at the lowest possible prices.	technical efficiency
Actions by the Government to increase competition and efficiency in selected markets.	competition policy
The allocation of resources to industries that reflect consumers demand for those goods and services.	allocative efficiency