Group 6 Free Enterprise Economy By Alexis Amber

Group 6: Free Enterprise Economy By: Alexis, Amber, Helen, & Jennifer

Key Terms Transparency- term used to indicate that information and actions are not hidden and instead are available for review Public Disclosure- requirement that a business reveal information about its products or its operations to the public Intervention- interference by a country in another’s affair

Free Enterprise Economy Improve Economic The government has the ability to correct market failures that interfere with competitive markets: inadequate information and public goods Efficient and competitive markets need adequate information Public disclosure is the requirement that businesses reveal certain information to the public. When businesses reveal information, it can be accessed by anyone on the Internet. Provide Public Good Society values- good roads and highways, museums and libraries, and education ALL MUST BE PROVIDED BY THE GOVERNMENT!

Example of Public disclosure Apple sent out a letter saying they will not be letting the government into customers private accounts. http: //www. apple. com/customer-letter/

Free Enterprise Economy ● U. S. economy always changes dramatically over the years. ● Congress passed laws to prevent “evil monopolies” and to protect the rights of workers. Food and drug laws were passed to protect people from false claims and harmful products. ● Over the years, the government’s role in the economy has slowly evolved from concern over consumer protection to the promotion of economic competition. ○ Example of Free Enterprise Economy: ■ Julian has a business license for his photo booth business, but the government still has a say so in it, just like any other business.

Activity Review: KAHOOT : ) https: //play. kahoot. it/#/lobby? quiz. Id=5 b 402 ac 9 -b 20 f-43 fd-872633091 c 5 ca 59 f