Define "Locus of Control" and Then Explain the Difference Between

question 48

Essay

Define "locus of control" and then explain the difference between an internal and external locus of control.

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Definitions:

Natural Monopoly

A market structure where a single firm can produce at a lower cost than can two or more firms, justifying limited competition.

Unintended

Refers to effects or outcomes that were not anticipated or planned for.

Deregulation

The reduction or elimination of government power in a particular industry, usually with the goal of increasing competition and efficiency.

Regulated Industries

Sectors of the economy that are subject to governmental controls and regulations, often to protect public interest.