Section 3 - Economic Progress and the Role of Government(1)

Section 3 - Economic Progress and the Role of Government(1)...

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Climbing the Economic Mountain! Section 1 Twelve Key Elements of Economics Supply and Demand • Supply and Demand: Applications and Extensions Supply and Demand: Basics Section 2 • The Financial Crisis of 2008 Lessons from the Great Depression • The Seven Major Sources of Economic Progress Section 3 Ten Elements of Clear Thinking About Economic Progress and the Role of Government Section 4 Twelve Key Elements of Practical Personal Finance
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Section III Economic Progress and the Role of Government 2
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Overview The role of government and how it has changed over the years The ten elements of clear thinking about economic progress and the role of government, which includes concepts such as: Public goods and free-riding User charges Special Interest Effect Short-sightedness Effect Log-rolling and Pork-barrel Legislation 3
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4 Size and Growth of the U.S. Government Size of government is indicated by government expenditures as a percentage of U.S. GDP 1930: 9.4% 2010: 39.7%
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5 Size and Growth of the U.S. Size and Growth of the U.S. Government Government
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6 Size and Growth of the U.S. Size and Growth of the U.S. Government Government
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7 Size and Growth of the U.S. Size and Growth of the U.S. Government Government
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8 #1 Government Promotes Economic Progress by Protecting the Rights of Individuals and Supplying Goods that Cannot be Provided Through Markets The government should… 1. Protect individuals and their property rights 2. Provide goods that cannot be easily provided by the market (overcome market failure)
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#1 Government Promotes Economic Progress by Protecting the Rights of Individuals and Supplying Goods that Cannot be Provided Through Markets The four sources of market failure: 1.Lack of Competition 2.Lack of Information 3.Externalities 4.Public Goods 9
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10 #1 Government promotes Economic Progress by Protecting the Rights of Individuals and Supplying Goods that Cannot be Provided Through Markets Public goods have two characteristics: 1. Non-rival in consumption : making the good available to one consumer does not reduce its availability to others.
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This note was uploaded on 04/02/2012 for the course ECON 2000 taught by Professor Joabcorey during the Spring '12 term at Florida State College.

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Section 3 - Economic Progress and the Role of Government(1)...

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