1. Noah Thompson Brittany Madden Katy Watson
Public Goods
Noah Thompson
Brittany Madden
Katy Watson

2. Vocabulary
Economic Stabilization: result of the governmental use of direct and indirect controls to maintain and stabilize the nations economy during emergences.
Regulatory Agency- government agency that regulates business in the public interest.
Privatization: Transfer of ownership of property/business from a government to a privately owned entity.

3. Vocabulary
Public Good: A product that one individual can consume without reducing its availability to another individual and from which no one is excluded.
Positive Externalities- exists when an individual or firm making a decision doesn’t receive the full benefit of the decision
Negative Externalities- exists when an individual or firm making a decision doesn’t have to pay the full cost of the decision

4. Government Regulation
How does the government decide to regulate business/public goods?
Public safety and welfare.
Ex. Harmful effects to the human health
Protection of industry.
Ex. Licenses, permits, and inspections.
Protection of workers
Ex. Minimum wage, working conditions/age

5. U.S. Food and Drug Administration (FDA)
To see that the food we eat is safe and that what they use won't hurt us, the medicines and medical devices we use are safe and effective, and that products that emit radiation aren't harmful to the people

6. Environmental Protection Agency (EPA)
Puts a set amount of emissions the people and businesses can release into the atmosphere.

7. Federal Trade commission (FTC)
Promote free and fair trade competition in the American economy

8. Advantages/Disadvantages Of Privatization
Improved efficiency (cut cost, more efficient)
Short term/long term views
Shareholders put pressure on business to perform
Increased competition (better efficiency)

9. Advantages/Disadvantages of Privatization
Natural Monopoly
Public Interest (healthcare) if it is private people may seek profit
Government loses out on the potential profits

10. Current Event
quor-privatization-would-trade-a-sure-thing-for- promises.html

11. Works Cited http://tinyurl.com/c8k9wmo http://tinyurl.com/d9lqss2
privatization/