Every modern society has a government of some sort, and every society has an economy as well. But how do the government and the economy intersect in society? That debate is prevalent in the United States today: how much influence should the government have on businesses, workers, and the economy? Some people say that the government should not have much influence on the economy—only the minimum necessary to ensure that society functions well. Others say that the government should ensure fair and equitable distribution of resources for all companies and workers. Still others say that the role of the government falls somewhere between those two extremes. You can start thinking about the intersection of government and the economy in the United States by considering your everyday life. From the time you get up in the morning until you go to bed at night, what contacts do you have with the government? Which of those contacts are related to the economy?
Every modern society has a government of some sort, and every society has an economy as well. But how do the government and the economy intersect in society? That debate is prevalent in the United States today: how much influence should the government have on businesses, workers, and the economy? Some people say that the government should not have much influence on the economy—only the minimum necessary to ensure that society functions well. Others say that the government should ensure fair and equitable distribution of resources for all companies and workers. Still others say that the role of the government falls somewhere between those two extremes. You can start thinking about the intersection of government and the economy in the United States by considering your everyday life. From the time you get up in the morning until you go to bed at night, what contacts do you have with the government? Which of those contacts are related to the economy?
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Every modern society has a government of some sort, and every society has an economy as well. But how do the government and the economy intersect in society? That debate is prevalent in the United States today: how much influence should the government have on businesses, workers, and the economy? Some people say that the government should not have much influence on the economy—only the minimum necessary to ensure that society functions well. Others say that the government should ensure fair and equitable distribution of resources for all companies and workers. Still others say that the role of the government falls somewhere between those two extremes.
You can start thinking about the intersection of government and the economy in the United States by considering your everyday life. From the time you get up in the morning until you go to bed at night, what contacts do you have with the government? Which of those contacts are related to the economy?
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