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Government Regulation of the U.S. Economy
Transcript of Government Regulation of the U.S. Economy
Government Regulation of U.S. Economy
The United States has a mixed economy. Even though individuals and businesses make most economic decisions, the government does get involved in the economy. The government creates agencies that make rules about how the economy works. Some government agencies protect
between businesses. There are agencies that protect
of citizens. Other government agencies protect
, and the
. This prezi will explain how different government agencies make sure that the economy is working fairly.
The government protects competition in 3 ways.
1. Establishing and enforcing anti-trust laws to to stop monopolies.
2. Enact laws that encourage global trade.
3. Help and support small business start-ups
FCC- Federal Communication Commission
BELOW YOU WILL FIND 3 AGENCIES WHO PROMOTE COMPETITION:
To control and regulate all communication by radio, TV, internet, etc. in the United States
the FCC makes rules about what language and images can be broadcast on TV and radio so that it is fair for all companies.
SEC- Security and Exchange Commission
To protect people who are investing money from being taken advantage of by companies and to maintain a fair market where people can make money.
if investment banks are taking advantage of their investors to make a bigger profit, the SEC will step in and stop the unfair practices.
FTC- Federal Trade Commission
- To allow competition, by breaking up monopolies, and insuring consumers rights are protected
- when Alexander Graham Bell created Bell Telephone company they had a monopoly over telecommunication. The FTC stepped in and broke up Bell's monopoly, creating many smaller phone companies
In the United States, individuals have the right to own private property. If the United States were a Command Economy, there would be no private property and the government would own all resources. However, in the mixed economy of the United States, private property has become a pillar of the U.S. economy.
What is private Property?
is a legal claim to ownership. This claim is made legal through contracts that are enforceable by law.
when you buy a car, you get a owners card and title for the car.
How does the U.S. government protect private property
The U.S. Government helps make and enforce property laws, which helps beneficially financial exchanges take place.
when Mr. Dachille's neighbor quit his job and bought a Mercedes Benz, it was because he was paid a lot of money for the Natural Gas that was under his private property in Central Pennsylvania.
In the United States, Consumer's Rights are protected by government agencies. When a consumer's rights are violated, the Consumer can take legal action against the business. An example of this would be if your credit card information was stolen by a company, you legally could sue that company to get compensation.
CPSC- Consumer Product Safety Commission
FDA- Food and Drug Administration
-to protect citizens from risks associated with dangerous products.
-The CPSC will make a recall if they find that products are unsafe, and consumers will be refunded for those products.
: to protect the health and safety of consumers by making rules about food and medicine.
: the FDA needs to approve all new medicines that are created.
In the United States, Labor Rights are protected by government agencies. Prior to government regulation, there were no laws about working hours per day, minimum wage, child labor, or requirements for health and safety in the workforce. Now, there are rules to keep workers safe, healthy, and compensated for their work.
OSHA- Occupational Safety and Health Administration
EEOC- Equal Employment Opportunity Commission
-to assure safe and healthy working conditions for men and women by setting and enforcing standards.
-During the Industrial Revolution, people were always getting hurt in factories because of unsafe conditions. Now there are rules to keep people safe on the job.
: to enforce federal laws that make it illegal to discriminate against a job applicant or an employee because of the person's race, religion, gender, age or disability.
: when hiring, a business can only make decisions based on the persons ability.
In the United States, the environment is protected by enforcing regulations on businesses. There are rules against what a business can put into the air, water, and environment surrounding their business. There are also rules about emissions that cars can release into the environment.
EPA- Environmental Protection Agency
to protect human health and the environment.
Example: there are rules about how much CO2 a car can emmit and these standards have to be checked before getting a car registered in a state.
When you finish, work on slides