About This Chapter
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- Verify you're ready by completing the Government and the Economy chapter exam.
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Students Will Review
In this chapter, you'll learn the answer to questions including:
- What are the government's goals for the U.S. economy?
- How can government boost the economy through its fiscal policy?
- When is it beneficial for the government to intervene in the economy?
- How can the costs of government intervention outweigh the benefits?
- What are the differences in systems of taxation at the local, state and national levels?
1. Economic Goals for the US Economy
This lesson will highlight the key economic goals of the United States economy, including examples to help you remember these different values. You'll also consider some of the challenges of balancing these goals.
2. The Role of Government in a Market Economy
In this lesson, you'll examine the role of government in a market economy. You'll learn what kinds of activities may require government interaction, such as those related to consumer and property rights.
3. Government Fiscal Policies: Goals and Influence
In this lesson, you'll learn about the measures used to determine the health of the economy, including the goals of a fiscal policy. You'll also also learn about some basic approaches the government uses to help stimulate a struggling economy.
4. Government Intervention in the Economy: Issues & Factors
In this lesson, you'll consider the question of when it's worthwhile for the government to take action related to the economy. We'll use concrete examples to help you understand these hotly debated issues.
5. Principles and Systems of Taxation
In this lesson, you'll gain a better understanding of how our tax system works. Look into the different levels of taxation from the federal government to state and local governments.
6. Pure Monopoly: Definition, Characteristics & Examples
In this lesson, we'll be looking at a pure monopoly, which involves a sole provider dominating an entire market. After learning about this type of market structure, you can test your knowledge with a quiz.
7. What is the Excise Tax? - Definition & Overview
In this lesson, we learn the meaning of excise taxes, what types of goods usually have excise taxes levied on them, and how the price elasticity of a good impacts how effective an excise tax is.
8. Adam Smith's The Wealth of Nations: Summary & Concept
In the same year Thomas Jefferson wrote the Declaration of Independence, Scottish philosopher and economist Adam Smith published a book called 'The Wealth of Nations.' Over 200 years later, Smith's work stands as the theoretical basis for capitalism.
9. Economist Adam Smith: Theory & Biography
Many modern economists consider Adam Smith the Father of Capitalism. In this lesson, you'll learn about his life, education, work, and accomplishments. After the lesson, you can test your knowledge with a short quiz.
10. Free-Market Anarchism: Definition & Example
Free markets are supposed to give people economic freedom from the government, so why bother with a government at all? In this lesson, we'll examine free-market anarchism and see how it envisions the future.
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Other chapters within the Introduction to Macroeconomics: Help and Review course
- The Production Possibilities Curve: Help & Review
- Comparative Advantage, Specialization and Exchange: Help and Review
- Demand, Supply and Market Equilibrium: Help and Review
- Measuring the Economy: Help and Review
- Inflation Measurement and Adjustment: Help and Review
- Understanding Unemployment: Help and Review
- Aggregate Demand and Supply: Help and Review
- Macroeconomic Equilibrium: Help and Review
- Inflation and Unemployment: Help and Review
- Economic Growth and Productivity: Help and Review
- Money, Banking, and Financial Markets: Help and Review
- Central Bank and the Money Supply: Help and Review
- Fiscal and Monetary Policies: Help and Review
- Foreign Exchange and the Balance of Payments: Help and Review
- Inflows, Outflows, and Restrictions: Help and Review
- The U.S. Economic System