WARMUP Collect the worksheet from the front about

WARM-UP ü Collect the worksheet from the front about banking and the Federal Reserve System. ü Complete it using your notes- it is a review for the quiz! ü Glue it into your journal ü We will go over the answers.

Objectives Essential Question Examine the role of the gov’t in the marketplace (economy) to provide for and protect the consumer. Language • We will read, take notes and participate in a group activity on primary sources to learn about government involvement in the economy,

After the Quiz List of things to do 1. 2. 3. 4. Read and highlight “Lesson 7 Government Involvement in the Economy” on pages 227228 then answer the questions. Determine where to place the vocabulary terms to the right on the lesson 7 vocabulary list on pages 223 -224. Read and highlight page 236. FYI- by the end of class today everything in the packet should be completed through page 238. The packet is due next week! Vocabulary Terms – THEY ARE NOT IN ORDER!!!!!!!!!!! Use the textbook and/or dictionary Ø Anti-trust law Ø Consumer rights Ø contract Ø Environmental protection agency Ø Federal communications commission Ø Federal trade commission Ø Global trade Ø Monopoly Ø Negotiate Ø Private sector Ø Public goods Ø Public sector Ø Regulate Ø simultaneously Ø warranty

Anti Trust Law • Legislation to prevent new monopolies from forming and police those that exist Monopoly • total control over a market by one person or a group Global Trade regulate Public Goods and Services • Exchange of goods and services among nations around the world • To control or direct according to a rule or law • Goods and services provided by the government for all citizens to use Federal Communications • A government agency that regulates and established guidelines for the mass media (FCC) Commission Environmental Protection • A government agency that sets guidelines the Agency prevents air and water pollution (EPA)

Federal Trade Commission • A government agency that makes sure that businesses do not engage in unfair competition (FTC) contract • A legal agreement between two parties to do something and is enforced by laws warranty • Written statement by a company that promises the good condition of a product and states that the maker is responsible for repairing or replacing the product under certain conditions Consumer rights • Set of laws that protects the user of goods and services against unfair business practices negotiate simultaneously • To reach an agreement with others; compromise • Existing or happening at the same time

Private Sector Public Sector • The part of the national economy that is NOT under government control • The part of the economy that IS under government control

LESSON 7 - “GOVERNMENT INVOLVEMENT IN THE ECONOMY” [ PAGE 237] Essential Question Explain the 3 roles of the government in the marketplace (economy)

Notes A. The United States is a mixed economy which means that the government has a role as well as private businesses and individuals

Notes B. The US government provides public goods and services to the citizens at the federal, state and local levels. 1) Provided to many people simultaneously otherwise they may not have it 2) Examples ______________ 3) Pays for the public goods through tax revenue, borrowed funds and fees (such to play basketball at Claude Moore Park)

Notes C. The US government oversees businesses in order to promote and regulate the markets to encourage competition (better quality goods at lower prices) 1) Enforce antitrust legislation to discourage development of monopolies 2) Encourage companies to engage in global trade 3) Support new business start-ups (entrepreneurs)

How could a monopoly affect consumers? In a market controlled by a monopoly, the sole provider could charge any price it wanted. Without competition from other providers, consumers would either have to pay the high price or do without the product. Click the mouse button or press the Space Bar to display the answer.

Notes D. The US government protects the consumer 1) Individuals have the right to private property, which is protected by negotiated contracts and warranties that are enforced by laws. 2) Protects public health and safety 3) Consumers may take legal action if their rights are violated = consumer rights Here is a video discussing some of your consumer rights. I think it was made in Great Britain http: //www. youtube. com/watch? v=Ul. U 6 Xlz 9 DD 0

Notes E. Government agencies that regulate business and protect the consumer These agencies oversee the way individuals and businesses function…

EPA Environmental Protection Agency • Prevents air and water pollution • Promote recycling • http: //www. youtube. co m/watch? v=f. OUESH_J m. A 0

FCC Federal Communications Commission • Regulates all mass media sources • Responsible ratings on movies, games, TV • Regulates illegal use of Internet • http: //archive. courier- journal. com/Video. Network/3288625834001/F CC-Fines-Networks-2 -Million-For-Using-Alert. Tone-In-Ads

FTC Federal Trade Commission • Prevents unfair business competition • Regulates antitrust laws • Handles consumer protection rights • http: //www. consumer. ft c. gov/articles/0155 -free -credit-reports

CLASS ACTIVITY 1. 2. 3. 4. 5. Get onto 3 groups. Look over the pictures on your worksheet. Discuss among your group members which role of the government or which government agency each picture represents. Write it on the paper. Decide who from your group will come up and discuss your pictures with the class.

Conclusion 1. Write a 2 -3 sentence summary to answer today’s essential question. 2. Homework- Complete the matching worksheet for a grade.

Reading (page 171) Lesson 6: Government Involvement in the Economy • As a mixed economy, the federal government’s role is to __________ and _________________ in the marketplace. • Antitrust legislation stops the development of _______. • What are public goods and services? • How does the government pay for the public goods and services?

During the presidency of Theodore Roosevelt, the Department of Justice started more antitrust suits against corporations than it had in all of the three previous administrations. Because of this vigorous enforcement of the Sherman Antitrust Act, Roosevelt earned the nickname “The Trustbuster. ”

THE GOVERNMENT AND THE ECONOMY Provides Public Goods and Services • Federal Govt (highways, postal) • State Govt (roads, health) • Local Govt (police, parks) • How does the govt pay for it? 1. taxes (16 th Amendment) 2. borrows funds 3. charges fees Aids Marketplace Competition • Anti-trust lawsto stop monopolies • Encourages global trade • Supports new business start-ups • Agencies that regulate businesses and the marketplace 1. FCC 2. EPA 3. FTC Protect the Consumer Other Govt Roles • Allows for the ownership, use and rights to private property • Controlling the budget through taxation, spending and borrowing • Ensures that contracts and warranties are followed • Federal Reserve System • **NEXT CLASS • Protects the public health, safety and welfare through recalls • Role of the consumer 1. be a good consumer 2. be responsible