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Transcript of Government Regulation
What effect does regulation have on Businesses?
increased cost to produce goods
decrease in variety
decrease in productivity & efficiency
What effect does regulation have on consumers?
increase in quality
decrease in variety
decrease in quantity available
when the government removes regulations/restrictions
using laws to control what businesses can do
Since the government is involved in the market... they also provide the people with certain public goods.
public good - goods used by all members of society, regardless of ability to pay
ex: parks, police, DOT, fire
why does the government regulate the marketplace??
provide public goods
resolve market failures (bail outs)
ensure price and quality of certain goods
keep any one group from getting too much power
why does the government
because it would be impractical to make you pay individually or exclude non-payers
provides positive externalities -- positive side effects that benefit many people.
what Economic Systems
have public goods?
sometimes the side effects are not so great...
negative externality - negative side effect.
these people that take advantage are called freeloaders
There is No Such Thing As A Free Lunch
1. Have you ever tried to start your own business? What obstacles did you face?
2. How might government regulations help businesses and/or consumers? How might regulations hinder them?