Key Concepts in Governance provides a clear introduction to the technical concepts and policies of contemporary governance through short definitional essays. Each entry features a snapshot definition of the concept, a contextualization of the concept, an overview of relevant debates, and a guide to further reading. The book also includes a substantial introductory chapter which gives an overview of governance studies as a whole, orientating and guiding the reader around the issues that the concepts address.
The market refers most generally to an abstract space in which suppliers sell commodities and services to consumers at equilibrium prices. The equilibrium price of an item derives from the amount consumers are willing to pay for it and the cost at which suppliers can produce it. Innumerable factors might alter this relationship of demand to supply and so the price of a commodity. Prices can change as new inventions decrease production costs, as environmental disasters increase production costs, as popular tastes change, and so on. Economic competition implies that suppliers have to price goods not only to maximize their profit but also to attract consumers. Such competition may not exist if, for instance, significant barriers prevent new suppliers from entering the market.
Theoretically, free ...