Review sheet ppt
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This document provides an overview of key economic concepts: - Individuals own resources and earn income, businesses use resources to produce goods and services for profit, and the government provides public goods and services using tax revenue. - Savings by individuals and businesses provide capital for business expansion and consumption. - Public goods benefit many simultaneously, are best provided by the government, and are funded through taxes and borrowing. - Government taxing, borrowing, and spending impact demand, production, employment and taxes in the economy. - A mixed economy promotes competition through antitrust laws, trade, and business start-ups while regulating businesses and protecting consumer rights.
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- Savings by individuals and businesses provide capital for business expansion and consumption.
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Markets exist because no individual or firm produces all goods and services needed to satisfy wants and needs. A market is an arrangement that allows buyers and sellers to exchange goods and services. Governments play an important economic role in mixed market economies by promoting macroeconomic stability, addressing issues of equity and fairness, and fostering conditions for economic growth while balancing other policy objectives like environmental protection.
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- Individuals own resources and earn income, businesses use resources to produce goods and services for profit, and the government provides public goods and services using tax revenue.
- Savings by individuals and businesses provide capital for business expansion and consumption.
- Public goods benefit many simultaneously, are best provided by the government, and are funded through taxes and borrowing.
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The document discusses the characteristics of the US mixed economy, including free markets, private property rights, profit, competition, and consumer sovereignty. It also describes the three main types of business organization: proprietorships consisting of a single owner, partnerships with multiple owners sharing risks and profits, and corporations which are legally recognized entities where owners share profits and risk is limited to their investment.
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Discussion for Response 1
By: P,V
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Currently, our tax system is a progressive tax system. This means that the more money you make, the more money you pay. This way, those who do not struggle to put food on the table can afford to pay the government. In considering a better tax system, there should be five fundamental theories: fairness, adequacy, simplicity, transparency, and administrative ease.
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Raising taxes has some pros and cons. Some pros include: ensuring that services to citizens are available and needs, such as road repair, are completed without needing bonds. Cons include having a less disposable income to citizens as well as lowering the consumer expenditure which hurts businesses and the overall economy. Another con is that raising the tax encourages excessive government spending.
Some advantages of a progressive tax system include allowing those who are poorer to live more comfortably. It also helps the government establish higher tax brackets to generate revenue. Other advantages of a progressive tax system are that it can potentially produce more total income for the government and it improves the spending power of those who are of lower income. Disadvantages include having complex incentives and rules drive the cost of compliance way up (Murphey, 2017).
Income tax refers to the amount one pays on total income from businesses to the federal and state governments. Sales tax refers to the percentage paid by consumers when purchasing certain items. One involves the business owner and the other involves the consumer. The estate, or death/inheritance tax also has pros and cons. Pros include the same amount of tax is charged to everyone, only approximately 0.2% of people are eligible for the death tax, almost no employers pay the estate tax upon transfer, and estates worth more than $5 million have an average of 55% of net worth that was never taxed. Cons include assets are taxed at the same rate of liquid assets. The tax affects lower income families than others. The estate tax is based on the current value of the property and government can tax up to 3 times on estate tax (Brandon Gaille, 2015).
Taxes are necessary to pay the government in order for states to have the necessary things to keep.
Goods and services provided by government
Governments provide public goods and services that benefit many people at once, such as national defense, law enforcement, and infrastructure, which businesses cannot easily supply. Governments pay for these goods and services through tax revenue from income, sales, and property taxes, as well as by borrowing funds. Individuals fund the goods and services through paying the various taxes imposed by governments.
Pitfalls of Free Market Economy
Free markets are based on minimal government intervention and allow private individuals and businesses to freely transact. However, the Great Depression showed some pitfalls of free markets. First, the focus on profits can lead businesses to neglect public safety. Second, wealth is unequally distributed with few wealthy and many in poverty. Third, overproduction can occur as workers are underpaid to buy back what they produce, leading to unused industrial capacity and growing unemployment even as needs go unmet.
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The document discusses major events in US foreign policy and world history from the late 19th to early 20th century, including the Spanish-American War over Cuban independence, America's acquisition of territories like Puerto Rico and the Philippines, US intervention in Central/South America under the Roosevelt Corollary, America's entry into WWI due to German submarine warfare and the Zimmerman Telegram, the major powers and alliances in WWI, Woodrow Wilson's 14 Points and proposal of the League of Nations as part of the Treaty of Versailles.
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Review sheet ppt
This document provides an overview of key economic concepts:
- Individuals own resources and earn income, businesses use resources to produce goods and services for profit, and the government provides public goods and services using tax revenue.
- Savings by individuals and businesses provide capital for business expansion and consumption.
- Public goods benefit many simultaneously, are best provided by the government, and are funded through taxes and borrowing.
- Government taxing, borrowing, and spending impact demand, production, employment and taxes in the economy.
- A mixed economy promotes competition through antitrust laws, trade, and new businesses while regulating industries and protecting consumers.
Review sheet ppt
This document provides an overview of key economic concepts:
- Individuals own resources and earn income, businesses use resources to produce goods and services for profit, and the government provides public goods and services using tax revenue.
- Savings by individuals and businesses provide capital for business expansion and consumption.
- Public goods benefit many simultaneously, are best provided by the government, and are funded through taxes and borrowing.
- Government taxing, borrowing, and spending impact demand, production, employment and taxes in the economy.
- A mixed economy promotes competition through antitrust laws, trade, and new businesses while regulating industries and protecting consumers.
Review sheet ppt
This document provides an overview of key economic concepts:
- Individuals own resources and earn income, businesses use resources to produce goods and services for profit, and the government provides public goods and services using tax revenue.
- Savings by individuals and businesses provide capital for business expansion and consumption.
- Public goods benefit many simultaneously, are best provided by the government, and are funded through taxes and borrowing.
- Government taxing, borrowing, and spending impact demand, production, employment and taxes in the economy.
- A mixed economy promotes competition through antitrust laws, trade, and new businesses while regulating industries and protecting consumers.
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Review sheet ppt
- 1. Review Sheet Use the following slides to fill in your review sheet for your test on Friday
- 2. Individuals/Households: own the resources used in production, sell the resources for a paycheck, and use the income to purchase goods and services.
- 3. Businesses/Producers: buy resources (human, natural, capital, and entrepreneurship), make products and sell them to individuals, businesses, and the government, and use the profit to buy more resources.
- 4. The Government: The government uses tax revenue (money) from individuals and businesses to provide public goods and services.
- 5. Saving and Investing Money Individual and business savings provide financial capital that can be borrowed for business expansion (growth) and increased consumption.
- 6. THE THREE CHARACTERISTICS OF PUBLIC GOODS AND SERVICES: Public goods/services provide benefits to many simultaneously. They are provided by the government because individuals acting alone could not provide them as efficiently. Therefore, they wouldn’t be available if we had to provide them ourselves.
- 7. The government produces public goods and services by… using tax revenue from individuals and businesses to pay for them. They also borrow funds from other countries. The 16th Amendment authorizes Congress to tax personal & business incomes.
- 8. The effects of government taxing, borrowing, and spending: TAXING LESS: ↓TAX = ↑ MONEY TO SPEND TAXING MORE: ↑ TAX = ↓ MONEY TO SPEND BORROWING MORE: ↑ GOVERNMENT BORROWING =↓ BORROWING FOR US BORROWING LESS: ↓ GOVERNMENT BORROWING =↑ BORROWING FOR US
- 9. The effects of government taxing, borrowing, and spending - continued: SPENDING MORE: ↑ GOVERNMENT SPENDING = ↑ DEMAND, ↑PRODUCTION, ↑ EMPLOYMENT, AND ↑ TAXES SPENDING LESS: ↓ GOVERNMENT SPENDING =↓ DEMAND, ↓ PRODUCTION, ↓ EMPLOYMENT, AND ↓ TAXES
- 10. A MIXED ECONOMY:PROMOTING COMPETITIONANDPROTECTING CONSUMERS 3 Benefits of competition: 1. more variety 2.better quality 3. lower price
- 11. The government supports competition by- 1. enforcing antitrust legislation to stop monopolies. antitrust- stopping one business from controlling a market 2. engaging in global trade 3. supporting new business start-ups, which also provides more jobs.
- 12. The government regulates businesses by setting up agencies to oversee the way individuals and companies do business. Environmental Protection Agency (EPA)- protects human health and the environment Federal Communications Commission (FCC)- regulates communications by radio, television, and satellite Federal Trade Commission (FTC)-protects consumers and promotes competition
- 13. THE GOVERNMENT PROTECTS CONSUMER RIGHTS BY: Government agencies establish guidelines that protect public health and safety. Negotiated contracts protect private ownership and are enforceable by law. Consumers may take legal action against violations of consumer rights.