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Section 3.3 Government in a Market Economy

Section 3.3 Government in a Market Economy. Pages 67-71 Mrs. Leonard. 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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Section 3.3 Government in a Market Economy

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  1. Section 3.3 Government in a Market Economy Pages 67-71 Mrs. Leonard

  2. 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?) ____________________________________________________________________________________________________________________________________________

  3. Government’s Effect on What is Produced • The government has an effect on what is produced in three important ways: • Purchases • _____________________ • Subsidies

  4. 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

  5. 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

  6. 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

  7. CheckPoint • How are entrepreneurs affected by taxes and subsidies?

  8. 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)

  9. The Role of Government • The government involvement in our economy classifies the United States as a ___________ free enterprise system.

  10. 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.

  11. 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.

  12. 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)

  13. 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

  14. 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

  15. 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.

  16. 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 ______________.

  17. Regulator • Making _________ is one of the main functions of our government. • Most laws are designed to protect the safety, ____________, and welfare of individuals.

  18. 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 ________________________.

  19. Inspection • The U.S. Department of Agriculture (USDA) inspects _____________ and _____________ plants to ensure that appropriate hygienic measures are being observed.

  20. Inspection • The U.S. Occupational Safety and Health administration (OSHA) inspects _________________ to ensure that conditions are safe for workers.

  21. 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.

  22. 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.

  23. CheckPoint • Give two examples of the government acting as a provider. • Give two ways the government acts as a regulator.

  24. Competitor • There are three business operations that our government runs: • The Tennessee Valley Authority (TVA) • The ___________________________ • Amtrak

  25. 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.

  26. Competitor • Amtrak is a _____________________ that was established under the Rail Passenger Act of 1970. • The U.S. government also runs national parks and _______________.

  27. 3.3 Assessment Questions • What are some public goods that affect you? • What public goods would affect you as an entrepreneur? (think about your business)

  28. Think About It… • List two things you learned from the 3.3 notes. • List one thing your neighbor learned from the 3.3 notes.

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