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Maintaining Legal and Social Framework Example: –Create laws and provide courts –Provide information and services to help the economy function better –Establish.

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Presentation on theme: "Maintaining Legal and Social Framework Example: –Create laws and provide courts –Provide information and services to help the economy function better –Establish."— Presentation transcript:

1 Maintaining Legal and Social Framework Example: –Create laws and provide courts –Provide information and services to help the economy function better –Establish a monetary system –Define & enforce property rights

2 Providing Public Goods and Services Example: –Provide goods & services that markets are unable or unwilling to provide Such as: –National defense –National park system

3 Maintaining Competition Example: –Create and enforce antitrust laws –Regulate natural monopolies

4 Redistributing Income Example: –Higher income tax rates for rich than for poor –Provide Social Security –Aid dependent children with programs such as Medicare and Medicaid

5 Correcting for Externalities Example: –Money to encourage positive externalities Such as education –Taxes to reduce negative externalities Such as environmental pollution

6 Stabilizing the Economy Example: –Use government budgets and/or the money supply to promote economic growth, control inflation, & reduce unemployment


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