Asked by Mariah Rodriguez on Jul 05, 2024
Verified
From 1987 to 2001, the government of Gintesia, a country in West Asia, controlled the oil industry in the country. During that period, the government made all the decisions regarding the operations of the oil industry. However, in 2002, Gintesia began the process of removing government control from the industry. Now, the oil companies in Gintesia have private ownership. This scenario illustrates _____.
A) subsidization
B) commodification
C) nationalization
D) deregulation
Deregulation
The process of removing or reducing government regulations and restrictions in an industry, typically with the intention of improving competition and innovation.
Subsidization
The provision of financial assistance by a government or other entity to support or promote a specific industry, commodity, or activity.
Commodification
The process of treating goods, services, ideas, or people as commodities, thus making them subject to trade in a market.
- Comprehend the significance of evaluating political liberty and its influence on commercial activities across various nations.
Verified Answer
Learning Objectives
- Comprehend the significance of evaluating political liberty and its influence on commercial activities across various nations.
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