2 Government in SocietyGovernment plays a role in all economic systems
3 Roles of Government Providing services for members of society Protecting citizens, consumers, businesses, and workersRegulating utilities and promoting competitionProviding information and support to businessesBuying goods and servicesHiring public employeesRaising revenue
4 Levels of GovernmentFederal – oversees the activities that involve two or more states or other countriesInterstate commerce is business dealings involving companies in more that one stateState – regulates business actions within their own bordersIntrastate commerce is business dealings involving companies that do business in only one stateLocal – provides services needed for an orderly society, such as police and fire protection
5 Government Protection Activities Worker Protection – government inspection and regulation of work areas help reduce the number of job-related accidents.OSHA
6 Contract EnforcementA contract is an agreement to exchange goods or services for something of value, usually money.Without contract enforcement people would be afraid to do business for fear that people could refuse to honor commitment.
7 Element of a ContractAgreement – an offer must be made and an acceptance must occurCompetent Parties - those entering into the contract must be of legal age and must be mentally competentConsideration – something of measureable value must be exchanged by the parties involvedLegality – the contract must be for a product or service that may be legally sold
8 Protection of Intellectual Property Intellectual property is intangible with no physical characteristics.Patent – gives the inventor the sole right to make, use, or sell the item for 17 yearsCopyright – protects the creative work of authors, composers, and artists. Copyright protection lasts for the life of the artist and may extend for 50 years after the persons death.Trademark – a word, letter, or symbol linked to a specific company or product.