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Freedom to make their own economic choices.
to protect people from potential problems that arise from the production of various products or the products themselves.
How does the government try to promote economic strength?
◦ Policymakers pursue three main outcomes as they seek to stabilize the economy. Employment Growth Stability
◦ The government encourages the development of new technologies in several ways. ◦ Such as:
Federal agencies fund many research and development projects. Also, new technology often evolves out of government research.
A patent gives the inventor of a new product the exclusive right to produce and sell it for 20 years.
What are public goods? What is a market failure? How does government manage externalities?
A public good is a shared good or service for which it would be impractical to make consumers pay individually and to exclude nonpayers.
A market failure is a situation in which the market, on its own, does not distribute resources efficiently.
The building of a new dam and creation of a lake generates: Positive Externalities – Examples? Negative Externalities - Examples
Provide another example of a public good. Give three examples of positive externalities Give three examples of negative externalities Be prepared to discuss answers
Chapter 3SectionMain Menu Benefits of Free Enterprise What are the basic principles of the U.S. free enterprise system? What role does the consumer play.
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