1. Government functions in the Economy  Stabilize the economy  Provide Public Goods  Regulation of Business, Labor, Agriculture  Redistribute Income…Entitlements  Maintain a legal and social framework  Tax and Spend

2. Government Regulation The U.S. government regulates business, labor, and agriculture

5. Consumer Protection  Government intervenes in the marketplace to guard public health by:  Setting manufacturing standards  Conducting laboratory tests on food, medicine and other products  Providing consumer information about these products

6. Public Disclosure Laws  Require companies to give consumers full information about their products  Consumers use this information to protect themselves from dangerous products and fraudulent claims

7. http://www.cpsc.gov/en/ PRODUCT SAFETY https://youtu.be/gy WuhOsVhzQ

8. Consumer Protection - Regulatory Agencies  Food and Drug Administration  Consumer Product Safety Commission (CPSC)  Federal Trade Commission  Securities and Exchange Commission

9.  Federal Communications Commission  Environmental Protection Agency  Ralph Nader - “Unsafe at any Speed”

10. LABOR

11. Labor  Occupational Safety and Health Act (1970)  Set safety and health standards for workers

12. Regulation of Labor Unions

13. AGRICULTURE

14. BUSINESS  Anti-Trust Acts

15. Business TTTTrade Agreements NNNNAFTA - North American Free Trade Agreement BBBBailouts – AIG; GM