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Formalization is inversely related to organizational size.
Industry Being Regulated
The sector of an economy that is subject to oversight and control by governmental or regulatory bodies to ensure fairness, safety, and adherence to rules.
Inefficiencies
Situations or processes that waste resources, resulting in lower productivity or effectiveness than potentially achievable.
Public Choice Theory
The economic analysis of government decision making, politics, and elections.
Government Decision Making
The process by which officials of a government choose options and take actions affecting the country or a section of its population.
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