The Role of Government in the Economy

Slides:

Advertisements

Similar presentations

What is the goal of the game Monopoly?

Advertisements

 To provide Public goods and services:  National Defense  Police and fire protection  Courts and correctional institutions.  Public Parks  Streets,

Chapter 7 Legal Aspects of Business

Section Outline 1 of 9 Government’s Role In Our Economy Section 2: Government’s Efforts to Solve Economic Problems I.Ensuring Fair Business Practices II.Protecting.

Chapter 5 The U.S. Economic System.

Production costs  Supply and Demand  Competition  Encourages efficient use of resources  Want to lower prices to compete yet make a profit.

LESSON 7.3 Antitrust, Economic Regulation, and Competition

Government and the United states economy

Chapter 23 Section 3. Income Inequality Three Influences on Income Incomes differ for several reasons. Education, family wealth, and discrimination are.

Government agencies regulate everything from the quality of the food you eat to how products are advertised. Their job is to protect both businesses and.

Free Enterprise System

Regulation and Deregulation Today. Promoting Competition The forces of the marketplace generally keep business competitive with on another and attentive.

Why do we have programs like food stamps and Medicaid? Are they necessary? Why or why not? Call to Order.

Chapter 20 Section 1. Providing Public Goods What Are Private Goods?  Private Goods- Goods that, when consumed by one individual, cannot be consumed.

Chapter 23.3 Government, the Economy and You. Income Inequality Education, family wealth and discrimination are common reasons for income differences.

Government & the Economy

Chapter 23.1 The Role of Government. Providing Public Goods Businesses produce mostly private goods, or goods that when consumed by one individual cannot.

Chapter 23: The Government and the Economy. Section 1: The Role of Govt Providing Public Goods -Most goods and services that businesses produce are *private.

What’s your role?.  Profit Motive  Open Opportunity- everyone can compete in the market place  Legal Equality- everyone has the same legal rights 

Splash Screen. Chapter Intro 2 Section 1: The Role of Government Free enterprise is the freedom of individuals and businesses to operate and compete with.

Government and the Economy Chapter 23. The Role of Government Section 1.

Role of Government in the United States SSEF5 The student will describe the roles of government in a market economy. a. Explain why government provides.

GOVERNMENT AND THE ECONOMY Chapter 23. The Role of the Government Providing Public Goods Business produce private goods (goods that when consumed by an.

Chapter 23- Government and the Economy. Providing Public Goods Private goods are goods that when consumed by one individual, cannot be consumed by another.

Government and the Economy Fall-Winter 2013 Harrison Career Center Mr. Leasure.

Government & the Economy. Wall StreetWall Street, Manhattan is the location of the New York Stock Exchange and is often used as a symbol for the world.

The role of the government in the economy Measuring the economy The Stock Market.

Ch. 23 Section 1 The Role of Government. Private Goods, Public Goods Private Goods – are goods that when consumed by one individual cannot be consumed.

CONTEMPORARY ECONOMICS© Thomson South-Western 7.3Antitrust, Economic Regulation, and Competition  Explain the goal of U.S. antitrust laws.  Distinguish.

The Role of Government in Business

Why do we have programs like food stamps and Medicaid? Are they necessary? Why or why not? Call to Order.

Role of Government in the Economy Continued. The Role of Government in our Economy Direct Services – Postal system – Military – Highways – Education –

Chapter 7 section 3 The Role of Government.

Role of Government. Antitrust Legislation Trusts- legally formed combinations of corporations.

CONTEMPORARY ECONOMICS© Thomson South-Western 3.2Regulating the Private Sector  Explain how government can improve operation of the private sector. 

Chapter 23 Government and the Economy. Roles of the Government in the Economy.

The Role of Government in Our Economy. Think about it…… What are some government regulations that affect what you do?

Fundamentals Part 4 Role of the Government in the Economy SSEF5.

Government and the Economy. Role of Government: Providing Public Goods Private Goods: must be purchased to be consumed; can’t be consumed by anyone else.

The Role of Government. What are the Economic Activities of the U.S. Government? In the U.S., the Economic activities of government include protecting.

The Government’s Role in Our Economy

Competition and Monopolies

Chapter 15 Monopoly.

Civics & Economics – Goal 9 – Measuring the US Economy

Review of the Role of Government

Government's Role in Business.

Bell Work In what market would the following transaction occur: Steven receives a haircut from DJ’s hair salon. Product market c. Factor Market Business.

Government & the Economy

ECONOMICS 101 The Role of Government.

Government Regulation

THE GOVERNMENT AND THE ECONOMY

The Role of Government Unit 7, Day 4.

Government & the Economy

Government and the Economy

Government & the Economy

Government Spends, Collects, and Owes

Role of Government in a Market Economy

SOL CE.13 - Government and the Economy

Regulation and Deregulation

The Role of Government.

Wealth, The Economy & You

Public Policy #2: Gov & Econ

Government & the Economy

The Role of Government Chapter 7 section 3 Notes.

The Role of Government Chapter 7 Section 3.

Government & the Economy

Government & the Economy

Chapter 23 The Role of Government

Topic 4: Competition and Market Structure

Government Regulations

Presentation transcript:

The Role of Government in the Economy

Role of Government: Providing Public Goods Private Goods: must be purchased to be consumed; can’t be consumed by anyone else Items we buy & replace Ex: clothes; food; haircuts; auto care; insurance; etc.

Role of Government: Providing Public Goods Private Goods: must be purchased to be consumed; can’t be consumed by anyone else Items we buy & replace Ex: clothes; food; haircuts; auto care; insurance; etc.

Public goods: multiple people can consume; doesn’t matter if you pay Gov’t provides them: hard to charge for public goods Ex: public parks; public libraries; museums; highways; street lighting

Maintaining Competition Monopoly: sole provider of good/service When there is no competition, monopoly charges any price it wants Gov’t tries to encourage competition via anti-trust laws: laws to control monopoly power & promote competition 1890: Sherman Antitrust Act 1914: Clayton Act

Mergers Merger: combination of 2+ companies to form a single business Depending on the companies, gov’t might step in to prevent it

Regulating Market Activities 1. Natural monopolies: cost of production lessened by having single firm produce product Firm agrees to gov’t regulation in return for having market all to itself

2. Advertising & Product Labels Can’t lie about product Can’t lie about contents (allergies) FDA, FTC

3. Product Safety Recall: company pulls product off market/ agrees to change it to make it safe

Role of government in poverty guidelines/ programs Food stamps, SNAP (Supplemental Nutrition Assistance Program) WIC (Women, Infants, and Children): help w/ nutrition, health care (kids up to 5) Other programs like income assistance (elderly, blind/ disabled), Workfare (work for welfare benefits), progressive income tax, etc.