EPF 8 – Be able to describe the role of government in a Free Enterprise economy
Seed Question The Role of Government What do you believe the role of government should be in our Free Enterprise system?
COMPLETE THE EPF 8 PRETEST EPF 8 – Be able to describe the role of government in a Free Enterprise economy COMPLETE THE EPF 8 PRETEST
OBJECTIVE In a matching exercise & short essay, be able to describe the role of government in a Free Enterprise system
The Role of Government Its the Law Protect Business Property (fire, police, patents) Enforce Contracts Settle Disagreements Collect & Set Taxes Its the Law
The Role of Government Its the Law Provides for the Public Good Acts as a Consumer Provides for the Public Good Provides for National Security Its the Law
Its the Law The Role of Government Provide for Public Welfare Protect Public Health Regulate/Stabilize Economy Conserve the Environment Protect Consumers Protect Competition Regulate the Workplace Its the Law
The Role of Government Services Provided Military Police Fire Protection Education Infrastructure Postal Libraries Welfare Services
The Role of Government Rules & Regulations Anti-Monopoly Regs. Sherman Anti-Trust Act of 1890 Clayton anti-trust Act of 1914 Federal Trade Commission (FTC) Other Acts Consumer Product Safety Commission Securities/Exchange Commission (SEC) Wheeler-Lea Act (Adv) Zoning, Licensing, Building Codes
The Role of Government Rules & Regulations Business Protection Rules Patents Copyrights Trademarks Worker Protection Rules Equal Employment Opportunity Commission Occupational Safety & Health Admin. (OSHA) Minimum Wage Rules Child Labor Laws
The Role of Government Rules & Regulations Consumer Protection Robinson-Patman Act (Price Discrimination) Food & Drug Administration (FDA)
The Role of Government Taxes Progressive Taxes Proportional (Flat) Taxes Regressive Taxes
The Role of Government Taxes Income Taxes Sales Taxes Property Taxes Business Taxes
The Role of Government Taxes Income Taxes Largest income source Levied against individuals & business Based on salaries/income Allows for “deductions” Business collects & sends to the government
The Role of Government Taxes Sales Taxes Levied against sales of goods/services Varies from state to state Collected by the business
The Role of Government Taxes Property Taxes Levied against the value of most personal property Levied against individuals & business
The Role of Government Taxes Business Taxes Income (Federal, State, & Local) Personal property Payroll Social Security Unemployment
The Role of Government Taxes Business Taxes (cont.): Sales taxes Corporation taxes Business licenses Car/truck licenses Fees for service
OBJECTIVE In a matching exercise & short essay, be able to describe the role of government in a Free Enterprise system See Handout / Activity
COMPLETE THE EPF 8 QUIZLET EPF 8 – Be able to describe the role of government in a Free Enterprise economy COMPLETE THE EPF 8 QUIZLET