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Public Goods

Public Goods. Noah Thompson Brittany Madden Katy Watson. Vocabulary . Economic Stabilization: result of the governmental use of direct and indirect controls to maintain and stabilize the nations economy during emergences.

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Public Goods

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  1. Public Goods Noah Thompson Brittany Madden Katy Watson

  2. Vocabulary • Economic Stabilization: result of the governmental use of direct and indirect controls to maintain and stabilize the nations economy during emergences. • Regulatory Agency- government agency that regulates business in the public interest. • Privatization: Transfer of ownership of property/business from a government to a privately owned entity.

  3. Vocabulary • Public Good: A product that one individual can consume without reducing its availability to another individual and from which no one is excluded. • Positive Externalities- exists when an individual or firm making a decision doesn’t receive the full benefit of the decision • Negative Externalities- exists when an individual or firm making a decision doesn’t have to pay the full cost of the decision http://m.youtube.com/watch?v=4Jx5HckdydU

  4. Government Regulation How does the government decide to regulate business/public goods? • Public safety and welfare. Ex. Harmful effects to the human health • Protection of industry. Ex. Licenses, permits, and inspections. • Protection of workers Ex. Minimum wage, working conditions/age

  5. U.S. Food and Drug Administration (FDA) • To see that the food we eat is safe and that what they use won't hurt us, the medicines and medical devices we use are safe and effective, and that products that emit radiation aren't harmful to the people

  6. Environmental Protection Agency (EPA) • Puts a set amount of emissions the people and businesses can release into the atmosphere.

  7. Federal Trade commission (FTC) • Promote free and fair trade competition in the American economy

  8. Advantages/Disadvantages Of Privatization Advantages: • Improved efficiency (cut cost, more efficient) • Short term/long term views • Shareholders put pressure on business to perform • Increased competition (better efficiency)

  9. Advantages/Disadvantages of Privatization • Disadvantages: • Natural Monopoly • Public Interest (healthcare) if it is private people may seek profit • Government loses out on the potential profits

  10. Current Event • http://lancasteronline.com/article/local/833903_Liquor-privatization-would-trade-a-sure-thing-for-promises.html

  11. Works Cited • www.definitions.uslegal.com/e/economic-stailization/ • www.investapedia.com/terms/p/public-good.asp • www.economicshelp.org/blog/50/economics/advantages-of-privatization/ • http://www.epa.gov/ • http://economics.fundamentalfinance.com/positive-externality.php • http://tinyurl.com/cwsoewh • http://tinyurl.com/d82fenk • http://tinyurl.com/bo6ws7 • http://tinyurl.com/caket46 • http://tinyurl.com/cc2dqbj • http://tinyurl.com/bmjdrob • http://tinyurl.com/c8k9wmo • http://tinyurl.com/d9lqss2

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