Video Quiz Note #10 - Video Lecture Quiz Econ#2 1 Nationalization vs Privatization a How does a government make money A 1 taxes income taxes sales tax 2

Video Quiz Note #10 - Video Lecture Quiz Econ#2 1...

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2/9/17 Video Lecture Quiz: Econ #2 1. Nationalization vs Privatization a. How does a government make money? A: 1) taxes, income taxes, sales tax. 2) control resources/businesses. Businesses make money some of that money goes to the bank of the government. b. Nationalization – state physically and literally take over a resources and business private property. Venezuela, US froze all asset of Venezuela to get their Exxon stuff back. Capitalist hate nationalization. c. Privatization – government sells of a private industry. Japan sold post office for the private businesses. Military to private business could be in the future? d. Liberal Left – On privatization: more regulation, raise taxes on those industry. On Nationalization: let the people run it. e. Conservative right – on privatization: good. On nationalization: No, it’s heading toward communism. f. Why nationalize? A: 1) Times of war/emergency. Steel, food because they don’t want the industry to raise money to sell it to the gov’t. 2) Social good far outweighs the cost.
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