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A reform of the health care industry in the United States, officially named the ‘Patient Protection and Affordable Care Act’ but also known as the ‘Affordable Care Act’. The act was signed into law in 2010 by President Barak Obama. The reform aimed at improving access to affordable private and public health insurance by setting up a competitive insurance marketplace and by introducing a set of benefits, rights, and protections for consumers.

Reference: Oxford Press Dictonary of Economics, 5th edt.