Explain the "Iron Triangle" of Policy-Making? Describe Each Group and the Role

question 40

Essay

Explain the "iron triangle" of policy-making? Describe each group and the role it plays in the process. Discuss the significance of the role of interest groups and what value they provide to the policy-making process.

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Definitions:

Final Good

A product or service that is consumed by the end user and does not require further processing or manufacturing.

Restaurant

A business establishment where meals or refreshments may be purchased and consumed by patrons.

National Economy

The economic activities and output of a nation, considering the total of all goods and services produced, income generated, and the overall economic health.

Budget Deficit

The financial situation where a government's expenditures exceed its revenues within a specified period, leading to borrowing or debt accumulation.