Economics & Economic Decision Making Caveat Emptor Start working on cartoon question sheet you picked up at the door.

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Presentation transcript:

Economics & Economic Decision Making Caveat Emptor Start working on cartoon question sheet you picked up at the door.

Let the Buyer Beware!! Should consumers be faced with: Contaminated products? Extremely High Prices? Breakable Products? Who Can We Go To For Help?

What is the role of Gov’t? 1.Promote and encourage competition 2.Prevent monopolies or regulate industries where monopolies are necessary 3.Protect the consumer from unfair practices or harmful g&s 4.Fulfill needs for public goods

One of the Big Fights: Led by Progressive Presidents (like the MAN, Teddy Roosevelt) the federal government finally started going after businesses that were corrupt and taking advantage of workers and consumers.

Historical Anti-Trust Legislation Trust: legally formed mergers of corporations or companies ANTI-TRUST = ANTI-MONOPOLY

Anti-Trust Laws (1)Sherman Anti-Trust Act -1 st law that halted the growth of trusts & monopolies (2)Clayton Antitrust Act -strengthened Sherman and outlawed price discrimination (3)Federal Trade Commission Act -established FTC to regulated unfair competition (4) Robinson-Patman Act -forbade discriminatory discounts & rebates

Governmental Regulatory Agencies A veritable alphabet soup!! Names to know: FDA FAA FCC EPA OSHA CPSC Open Your Books to Page 180