Regulation, fiscal, monetary policies

WHAT is the duty of government in the economy?

To regulate and manage economic activities for the welfare of society.

WHAT are the 4 ROLES of the government in the economy?

PUBLIC GOODS AND SERVICES, REDISTRIBUTES INCOME, PROTECTS PRIVATE PROPERTY RIGHTS, RESOLVE MARKET
FAILURES

Example of public goods and services

A school

Examples of redistributing income

food stamps

Example of protecting private property

copyrights/patents

Examples of resolving market failures

Laws against child labour

WHAT is the FREE RIDER PROBLEM?

People benefit from something without paying for it, because they get it for free. They have no desire to pay for it, trying to prevent this increased cost.

WHY is there a question about the matter of degree the government should be involved?

Debate exists over the appropriate level of government intervention in economic activities.

HOW did THE JUNGLE change REGULATION in AMERICA?

regulations are state or federal laws and statutes passed to
protect businesses and the public interest

WHAT is the PURPOSE of REGULATION?

To ensure fairness, safety, and efficiency in the economy.

WHAT  are it’s PROS/CONS?

pro-safety, cons-increased cost on small businesses

What is the FDA

Food and drug administrations

CFPB

Consumer Financial Protection Bureau, an agency ensuring consumer financial protection and transparency.

FDIC

Federal Deposit Insurance Corporation; insures bank deposits up to $250,000.

FCC

Federal Communications Commission; regulates interstate communications.

GAO

Government Accountability Office; audits government spending.

EPA

Environmental Protection Agency; regulates environmental protection measures.

USDA

U.S. Department of Agriculture; manages farming, forestry, and food.

OSHA

Occupational Safety and Health Administration; ensures workplace safety.

CPSC

Consumer Product Safety Commission; ensures product safety.

NLRB

National Labor Relations Board; oversees labor relations and protects workers' rights.

EEOC

Equal Employment Opportunity Commission; enforces laws against workplace discrimination.

FTC

Federal Trade Commission; protects consumers and maintains competition.

NRC

Nuclear Regulatory Commission; oversees nuclear facility safety.

SEC

Securities and Exchange Commission; regulates securities markets.

ATF

Bureau of Alcohol, Tobacco, Firearms and Explosives; regulates related industries.

WHAT REGULATIONS are shown in  the “LEMONADE WAR?”

Health and safety regulations

WHAT is REGULATORY CAPTURE?

It is when an agency that was created to ensure fairness instead
prioritizes certain interests of industries. It can lead to special
interests being prioritized over that of the public. Use regulations to
drive up costs

WHAT/WHY is being REGULATED in “A DAY IN THE LIFE OF REGULATION”?

Phones-radio frequency, water-prevent waste, soap- to protect consumer.

WHY is ALEXANDER HAMILTON important for the US BANKING SYSTEM?

Created the national bank

WHAT is FISCAL vs MONETARY POLICY.

Fiscal is from congress and includes spending and taxes, Monetary is from the federal bank and includes interest rates and buying and selling securities.

Expansionary Fiscal Policy

Gov spending is greater than taxation, increases money supply and inflation

Contractionary Fiscal Policy

Taxation is greater than gov spending this decreases the money supply