I am looking for the English term of this?

Question

Hello, English is not my mother language though I am good in it.

However, I am in a bad need to know the English term that describs this.
"You know when some products are very essential to citizens in a country (like oil for example) the country controls the prices of such products and sometimes they sell those products with less than its actual costs".

Can you tell me what do you name:
1. Pdoucts that their prices are controlled by the governement?
2. products that governments sometimes have to sell it with less than the actual price (less than their costs).
3. What is the word "subsidized" means? is it to refer to point number 2. like to say "subsidized products"?

Thnx in advance
Hossam

Answer 1

socialism- for example Venezuela is taking control of its oil supplies and the government will control this and set the price etc., in this country medicine is currently debated about being "socialized" the government controls how its done

2) if its sold for less than cost it has to have its cost made up in other areas. Again Venezuela is a good example because several things there are already socialized and as a result oil pays for these services.

3) subsidized is basically the govenrment arbitrarily setting what a fair price should be and making up the difference. Agriculture in this country is subsidized and the tax payers give the farmers a chunk of change for their efforts on something that comes very cheap. We do have cheap food in this country if you go to France you will be shocked at how expensive stuff is.

Answer 2

The two terms you are looking for are price controls and subsidies.

With price controls the government sets the price without paying for the good. This usually means the supply of the good dries up on the open market, and ends up being sold on the black market.

With subsidies, the government either pays part of the cost of the good directly, or gives money to the supplier to defray costs. The downside of this is that you are still paying the full price for the good in question, part of the payment is in taxes.

Neither method works particularly well over time.

-Dio

Answer 3

Subsidized.

Answer 4

you answered your own question.
"subsidized" is correct.

shalom