Section 3.3 Government in a Market Economy
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Transcript of Section 3.3 Government in a Market Economy
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Section 3.3 Government in a Market Economy
Pages 67-71
Mrs. Leonard
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Getting Started
How do you personally benefit from the government’s role in our free enterprise system? (Hint: What does the government provide to you free of charge?)
____________________________________________________________________________________________________________________________________________
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Government’s Effect on What is Produced
The government has an effect on what is produced in three important ways: Purchases _____________________ Subsidies
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Purchases
The government purchases huge amounts of ______________ and ______________.
Example: The National Aeronautic and Space Agency (NASA) is the sole purchaser of various devices produced by _________________ companies
Example: private companies also supply the government with everything from pens to office-cleaning supplies
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Taxes
Most states charge sales tax on _________ sales, and most charge extra taxes on certain items, such as cigarettes, gasoline, and alcoholic beverages.
These taxes reduce consumption of these products, reducing producers’ revenues. Click for a listing of cigarette taxes by state
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Subsidies
The government provides ______________ (payments) to producers of certain kinds of goods.
Example: Agricultural products are commonly subsidized
Example: The government also pays subsidies to companies that locate their businesses in certain inner-city neighborhoods, known as ______________ Click here for additional information on
enterprise zones
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CheckPoint
How are entrepreneurs affected by taxes and subsidies?
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The Role of Government
Government plays four roles in our free enterprise system
1. General services
2. _________________ businesses
3. ____________________ industry
4. Acts as a competitor (in a few instances)
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The Role of Government
The government involvement in our economy classifies the United States as a ___________ free enterprise system.
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Provider of Public Good
A public good is a good from which _______________ receives benefits.
Because the country as a whole benefits from these kinds of goods and services, the government has a role to plan in providing them.
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Provider of Services
Our government provides __________, police, fire protection, and a free _____________ education.
All of these services are in place to ensure the ____________ and general welfare of people.
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Provider of Services
Government also provides _________________ for some people who have lost their jobs as a result of changes in the marketplace and/or foreign competition.
Example: Joint Training Partnership Act (JTPA)
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Provider of Services
To improve transportation, our government supports the building of __________ and _____________.
Public libraries are paid for with government funds along with social _____________.
Example: Medicare and Medicaid
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Supporter of Business
To support and encourage our free enterprise system, our government runs the ____________________________________________ (SBA)
The SBA provides _______________ and educational materials to prospective business owners to help ensure their success
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Supporter of Business
The government is the single _______________ consumer of goods and services in the United States.
All government projects require purchases of goods and services produced by ____________________.
The products range from uniforms for military personnel to defense equipment.
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Supporter of Business
To encourage global business activity, our government establishes ________
_____________ and agreements with other countries.
These agreements make it easier for U.S. companies to do business in other ______________.
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Regulator
Making _________ is one of the main functions of our government.
Most laws are designed to protect the safety, ____________, and welfare of individuals.
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Consumer and Worker Protection
At the state and local levels, government agencies require ______________ of people who perform certain services, such as hairstylists and manicurists.
Health departments inspect _____________ and food handling businesses.
State and federal governments mandate a ________________________.
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Inspection
The U.S. Department of Agriculture (USDA) inspects _____________ and _____________ plants to ensure that appropriate hygienic measures are being observed.
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Inspection
The U.S. Occupational Safety and Health administration (OSHA) inspects _________________ to ensure that conditions are safe for workers.
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Licenses
______________ and _____________ must fulfill certain training requirements, and they must be licensed by the state in which they work.
Entrepreneurs entering fields requiring licenses must pass ___________________ and pay licensing ___________ before they can start their business.
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Business Protection
The government also provides laws and regulations regarding patents, ________________, and trademarks.
These laws ____________ businesses for a period of time from having others copy their creative ideas.
It is becoming more common to find companies stealing ideas and patents from other companies.
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CheckPoint
Give two examples of the government acting as a provider.
Give two ways the government acts as a regulator.
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Competitor
There are three business operations that our government runs:
1. The Tennessee Valley Authority (TVA)
2. The ___________________________
3. Amtrak
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Competitor
The TVA provides ________________ to parts of the rural south. It was established during the Great Depression.
The U.S. Postal Service provides _______________ nationwide. There are several companies that now compete with the Postal Service.
Example: United Parcel Service and Federal Express.
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Competitor
Amtrak is a _____________________ that was established under the Rail Passenger Act of 1970.
The U.S. government also runs national parks and _______________.
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3.3 Assessment Questions
1. What are some public goods that affect you?
2. What public goods would affect you as an entrepreneur? (think about your business)
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Think About It…
List two things you learned from the 3.3 notes.
List one thing your neighbor learned from the 3.3 notes.