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The Government & Consumer Protection

The Government & Consumer Protection. Standard 1.4.2. Do Now. What kind of current issues or events occurred over break (4 day weekend)? What is a “regulation”?. Essential Question. What are the three macroeconomic goals of any economic system?. Three Goals of an Economy. 1. Stable Prices

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The Government & Consumer Protection

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  1. The Government & Consumer Protection Standard 1.4.2

  2. Do Now • What kind of current issues or events occurred over break (4 day weekend)? • What is a “regulation”?

  3. Essential Question • What are the three macroeconomic goals of any economic system?

  4. Three Goals of an Economy • 1. Stable Prices • 2. High Employment • 3. Economic Growth

  5. Essential Question: • What role does the government play in protecting consumers and enforcing contracts?

  6. Regulation • Our government protects consumers by regulating the health and safety of services and products provided in the U.S. • Regulation: rules the government create to say how companies should properly conduct their business • Regulation can prevent among many… • Excess pollution • Worker protection (minimum wage)

  7. Health and Safety • Federal Regulatory Agencies: government programs meant to protect consumer health and safety • Food and Drug Administration: enforces laws to ensure purity, effectiveness, and truthful labeling of food, drugs, and cosmetics; inspects production • Equal Employment Opportunity Commission: investigates and rules on charges of discrimination by employers/ job providers

  8. Consumer Rights • The government also protects the property rights of individuals and of businesses to own, sell, buy, and enhance property. • According to due process of law in U.S. constitution • Sometimes the government can take your property it is called: Eminent Domain • http://www.realclearpolitics.com/video/2015/10/18/trump_im_only_for_eminent_domain_when_its_for_creating_jobs.html

  9. Do Now • What are the 3 economic goals of any economic system? • Describe what Eminent Domain is • What is the current sales tax rate?

  10. Patent / Trademark Contracts • One way to “incentivize” and protect entrepreneurship and is through gov. enforced patent and trademarks • Patent: a government license that enables only the creator of an invention to make or sell their creation • Trademark: a symbol, word, or words legally registered or established by use as representing a company or product.

  11. Essential Question • How does the government utilize incentives (or discentives) to motivate what people produce/trade?

  12. Government Incentives • Incentive: strategy that encourages someone to do something • Example (Electric Cars): Chevrolet Volt eligible for a federal tax credit of $7500!! • Example (Energy Efficient Windows):

  13. Government Incentives • Disincentive: strategy that encourages someone to stop something • Key Example: *Smoking* • Government has continued to increase taxes on cigarettes to encourage smokers to stop • Taxes go toward gov. services • Price of a Pack of cigarettes in Michigan Aug. 1st 2014 = $8.00

  14. Government Incentives • Discussion: Smoking has decreased but what is the true cause? • Are there other factors that could play into the decrease besides a tax? • Advertisements? Education? • https://www.youtube.com/watch?v=ixMEEI0Zq9g

  15. Some Info for you…

  16. Taking a Stand • Are cigarette taxes themselves effective in getting people to stop smoking?

  17. Review Guide • Sales Tax: Current Rate • Property Taxes: What is their role? • Medicare, Medicaid, role of government • 3 macro economic goals • What is a regulation?

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