Econ101November28 - (production standards viii Environment...

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Econ 101 November 28, 2007 I. Governments a. What do they do? i. Produce government services ii. National defense iii. Law enforcement iv. Education v. Physical infrastructure using tax revenues and receipts from sales vi. Redistribute income 1. Tax and transfer system vii. Regulate economic activity 1. Monitor environment to enforce rules about market activity 2. May be direct (price or quantity controls) or indirect
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Unformatted text preview: (production standards) viii. Environment protection b. Gov purchases of goods are services are used primarily in the production of public goods i. Largest public good is national defense ii. Physical infrastructure (highways) and human capital (education and research) iii....
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