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An economic development incentive is known as "cash or near-cash assistance provided on a discretionary basis to attract or retain business operations." [1] These benefits principally encompass tax and economic incentives provided by federal, state, or local governmental bodies.
Monopolies can form through both fair and unfair business tactics. These tactics include; collusion, mergers, acquisitions, and hostile takeovers. Collusion might involve two rival competitors conspiring together to gain an unfair market advantage through coordinated price fixing or increases. [11]
Monetary incentives are any form of financial good given to someone to incentivize their actions and align their incentives with those of the principal who provides the monetary incentive. [14] This is a type of extrinsic incentive and is commonly seen in the workplace.
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By offering tax breaks, the government can incentivize behavior that is beneficial to the economy or society as a whole. However, tax subsidies can also have negative consequences. One type of tax subsidy is a health tax deduction, which allows individuals or businesses to deduct their health expenses from their taxable income.
States increasingly see themselves as key players in an evolving international economic competition – one that requires third-wave efforts to shift to an industry-wide perspective, and in many instances improves the socio-economic standing of its citizens [1] through equity planning during the strategic economic development process. [8]
A tax incentive is an aspect of a government's taxation policy designed to incentivize or encourage a particular economic activity by reducing tax payments. Tax incentives can have both positive and negative impacts on an economy. Among the positive benefits, if implemented and designed properly, tax incentives can attract investment to a country.
All other types of competition come under imperfect competition. Monopolistic competition, a type of imperfect competition where there are many sellers, selling products that are closely related but differentiated from one another (e.g. quality of products may differentiate) and hence they are not perfect substitutes. This market structure ...