Chapter 16 Governments Role in Our Economy Section

Section 1: Government Intervention in the Economy • *Key Concept* – The govt. makes

What can governments do to correct / prevent economic problems? • Pass laws that

Section 2: Govt’s Efforts to Solve Economic Problems • Ensuring Fair Business Practices –

• Providing Economic Security – Social Security: $ for when a person retires,

Section 3: Managing the Economy • *Key Concepts* – The federal govt. manages the

Ch. 16 Discussion Questions • What role does government play in our economy? •

Ch. 16 Assessment Page 452 • Complete # 1 – 12 – Reviewing Key

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Chapter 16 Government’s Role in Our Economy

Section 1: Government Intervention in the Economy • *Key Concept* – The govt. makes rules to make sure businesses treat their competitors, employees, and customers ethically. – Ex: Environmental Protection Agency (EPA) • Regulates businesses to protect citizen’s health and the environment

What can governments do to correct / prevent economic problems? • Pass laws that set rules for businesses • Give $ to people who need help – Ex: Food, shelter, medical care • Give $ to help important private businesses – Ex: Farmers, Airlines • Control govt. spending and the amount of taxes collected

Section 2: Govt’s Efforts to Solve Economic Problems • Ensuring Fair Business Practices – Regulates Monopoly Power • Ex: Electric Company = Public Utility – Bans False Advertising • Ex: “If you eat this food, you will live to be 200!” • Protecting Workers and Consumers – Laws to provide safe working conditions and safe products

• Providing Economic Security – Social Security: $ for when a person retires, gets hurt, or dies – Public Assistance: $ and services for the poor • Maintaining Economic Stability – Monetary Policy • Regulation of the money supply – Fiscal Policy • Decisions for govt. spending and tax collection

Section 3: Managing the Economy • *Key Concepts* – The federal govt. manages the economy by keeping track of how well it is doing and then making adjustments to help. – The govt. also decides how much $ to collect in taxes and fees and then how to spend that $.

Ch. 16 Discussion Questions • What role does government play in our economy? • In what ways does the govt. try to fix economic problems? • Do you think the govt. of the U. S. is too involved, not involved enough, or just the right amount of involved in our economy? Can you explain your answer?

Ch. 16 Assessment Page 452 • Complete # 1 – 12 – Reviewing Key Terms • Write out the sentence with correct term underlined. – Comprehension and Critical Thinking • Write out the question and your response. * Turn in for a grade when completed. .