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Protectionism
The economic policy of promoting
favored domestic industries through the use
of high tariffs and other regulations to
discourage imports. Historical variants of this
policy have included mercantilism, a trade
policy aimed at maximizing currency reserves
by running large trade surpluses; and import
substitution, a trade policy in which targeted
imports are replaced by local manufactures to
stimulate local production.
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Protest
A written objection by an interested party
to a solicitation or award of a contract with
the intention of receiving a remedial result.
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Protocol
1. A document drafted before ratification in
which the details of a formal agreement or
treaty between countries is described.
2. A standardized set of rules for the
transmission of data.
3. A code of conduct (e.g., academic or safety
protocols).
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Prototype
An initial version or working model of a
new product or invention. Usually constructed
and tested to evaluate the feasibility of a
design and to identify problems that need to
be corrected.
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Public Bid Opening
The process of opening and
reading bids at the time and place specified in
a solicitation and in the presence of anyone
who wishes to attend.
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Public Entity
An entity subject to or created by a
governmental jurisdiction.
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Public Finance Law
Legislation and regulations
governing the financial activities of an entity.
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Public Good
Beneficial results to the community,
usually from the provision of a good or service
by an entity.
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Public Law
Legislation and regulations governing
relationships between the government and
individuals; includes municipal, international,
criminal, constitutional, and administrative
law.
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Public Management
The process of planning,
organizing, staffing, and executing the use of
people, time, and fiscal resources for the
purpose of providing goods, services, and
protection valued by the citizens of the state
or jurisdiction in response to the laws and
regulations of the governing body.
