About This Chapter
Public Policy, Government & Microeconomics - Chapter Summary and Learning Objectives
There are so many factors affecting our economy, including the decisions of the government, changes in public policies, and the distribution of income. The lessons in this chapter offer a thorough explanation of each of these factors and their relationship to microeconomics. Each lesson can be reviewed in around 10 minutes or less, allowing you to make your way through the chapter at a reasonable pace. This chapter has been constructed to teach you about:
- The impact of trade barriers
- The U.S. tax code and other kinds of taxes
- Anti-trust laws
- Government deregulation and regulation
- The flow of resources, services, and goods in the economy
- U.S. poverty, income inequality, and income distribution
|Trade Barriers: Impacts on Prices & Demand||Describe trade barriers and identify how they influence demand and prices.|
|Types of Taxes & the U.S. Tax Code: Impact on Microeconomics||Elaborate on the following terms: value-added taxes, flat taxes, progressive taxes, the U.S. tax code, sales tax, and income tax structure.|
|Anti-Trust Legislation in the U.S.: History & Impact on the Economy||Provide an overview of the significant cases that have influenced anti-trust legislation, and describes the current position of anti-trust law.|
|Governmental Regulation & Deregulation of the Economy||Break down the economic trends regarding deregulation and regulation within the U.S., describe how these trends influence the economy, and provide examples of industries experiencing decreases or increases in regulation.|
|Circular Flow of Economic Activity: The Flow of Goods, Services & Resources||Explore the economic impact caused by the circular flow of money.|
|Factors Affecting Poverty in the United States||Inspect the four most significant factors believed to cause poverty in the U.S..|
|Income Distribution and Inequality in the U.S.||Distinguish the connection between the distribution of income and income inequality, demonstrate how this connection affects the U.S, and explain the Lorenz curve.|
1. Trade Barriers: Impacts on Prices & Demand
All countries desire trade as a way of increasing their wealth, but very often they want it on their own terms. This lesson looks at the trade barriers that many countries establish, as well as the effects of such limitations.
2. Types of Taxes & the US Tax Code: Impact on Microeconomics
I know what you're thinking - it's bad enough I have to pay taxes, now why would I want to sit through a lesson on them. However, understanding more about taxes may help you convince the government that you don't need so many of them...
3. 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.
4. 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.
5. Anti-Trust Legislation in the US: History & Impact on the Economy
For more than 100 years, a constant worry has been trying to figure out how big businesses should be allowed to grow. This lesson takes a look at a specific type of business, trusts, and trust busting.
6. Types of Regulation, Privatization, & Deregulation
Government can monitor, control and manage business through different types of regulation. In this lesson, you will learn about the two specific categories of regulation and how privatization and deregulation impacts business.
7. Governmental Regulation & Deregulation of the Economy
Government regulations affect all aspects of the economy. However, some sectors are subject to specific regulations due to their importance. This lesson explores the purposes and methods of economic regulation and deregulation.
8. The Cost and Benefits of Regulation in Business
Regulation is often seen as a negative by most American businesses. In this lesson, you will learn both the costs and benefits of regulation in the corporate world.
9. Circular Flow of Economic Activity: The Flow of Goods, Services & Resources
Learn about the simple model used to describe where money goes and what it is exchanged for in a market economy. The circular flow model of economic activity shows you the basic relationships between households, firms and the government.
10. Factors Affecting Poverty in the United States
In this lesson, we will discuss some of the major factors which affect poverty here in the U.S. This lesson will provide insight into each individual factor and relate it to how it can affect poverty.
11. Income Distribution and Inequality in the US
While the United States is the richest country in the world when measured by GDP, it drops to #7 when measured by income per capita. In this lesson, we'll learn about the distribution of income in the United States, and how it has changed over time.
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Other chapters within the AP Microeconomics: Exam Prep course
- Foundational Economic Concepts
- Economic Systems & Structures
- Supply & Demand in Markets
- Elasticity of Markets in Microeconomics
- Microeconomics & Consumer Behavior
- Production & Costs in Economic Markets
- Firm Behavior & Monopoly in Microeconomics
- Factor Markets in Microeconomics
- Public Goods & Government in Microeconomics
- AP Microeconomics Flashcards