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Economics & Economic Decision Making Caveat Emptor Start working on cartoon question sheet you picked up at the door.

Published byCamilla Potter Modified over 9 years ago

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Presentation on theme: "Economics & Economic Decision Making Caveat Emptor Start working on cartoon question sheet you picked up at the door."— Presentation transcript:

1 Economics & Economic Decision Making Caveat Emptor Start working on cartoon question sheet you picked up at the door.

2 Let the Buyer Beware!! Should consumers be faced with: Contaminated products? Extremely High Prices? Breakable Products? Who Can We Go To For Help?

3 What is the role of Gov’t? 1.Promote and encourage competition 2.Prevent monopolies or regulate industries where monopolies are necessary 3.Protect the consumer from unfair practices or harmful g&s 4.Fulfill needs for public goods

4 One of the Big Fights: Led by Progressive Presidents (like the MAN, Teddy Roosevelt) the federal government finally started going after businesses that were corrupt and taking advantage of workers and consumers.

5 Historical Anti-Trust Legislation Trust: legally formed mergers of corporations or companies ANTI-TRUST = ANTI-MONOPOLY

6 Anti-Trust Laws (1)Sherman Anti-Trust Act -1 st law that halted the growth of trusts & monopolies (2)Clayton Antitrust Act -strengthened Sherman and outlawed price discrimination (3)Federal Trade Commission Act -established FTC to regulated unfair competition (4) Robinson-Patman Act -forbade discriminatory discounts & rebates

7 Governmental Regulatory Agencies A veritable alphabet soup!! Names to know: FDA FAA FCC EPA OSHA CPSC Open Your Books to Page 180

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