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Economics & Economic Decision Making

Economics & Economic Decision Making. Grab A Textbook!. Caveat Emptor Start working on cartoon question sheet you picked up at the door. Let the Buyer Beware!!. Should consumers be faced with: Contaminated products? Extremely High Prices? Breakable Products? Who Can We Go To For Help?.

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Economics & Economic Decision Making

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  1. Economics & Economic Decision Making Grab A Textbook! Caveat Emptor Start working on cartoon question sheet you picked up at the door.

  2. Let the Buyer Beware!! • Should consumers be faced with: • Contaminated products? • Extremely High Prices? • Breakable Products? • Who Can We Go To For Help?

  3. What is the role of Gov’t? • Promote and encourage competition • Prevent monopolies or regulate industries where monopolies are necessary • Protect the consumer from unfair practices or harmful g&s • Fulfill needs for public goods

  4. One of the Big Fights: • Led by Progressive Presidents (like the MAN, Teddy Roosevelt) the federal government finally started going after businesses that were corrupt and taking advantage of workers and consumers.

  5. Historical Anti-Trust Legislation • Trust: legally formed mergers of corporations or companies • ANTI-TRUST = ANTI-MONOPOLY

  6. Anti-Trust Laws • Sherman Anti-Trust Act -1st law that halted the growth of trusts & monopolies • Clayton Antitrust Act -strengthened Sherman and outlawed price discrimination • Federal Trade Commission Act -established FTC to regulated unfair competition (4) Robinson-Patman Act -forbade discriminatory discounts & rebates

  7. Governmental Regulatory Agencies • A veritable alphabet soup!! Names to know: • FDA • FAA • FCC • EPA • OSHA • CPSC Open Your Books to Page 180

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