Vocabulary
When a single business influences the entire production of a specific good or service
What is a monopoly?
"As the country grew and business expanded, it also became more ______."
Google definition: the process of transforming the economy of a nation or region from a focus on agriculture to a reliance on manufacturing.
What is industrialization?
To provide ____.
(Goods that are used by everyone)
What are public goods.
The basic role of government in business would be as
a _____ only
(hint: they make sure players are following the rules in a sports game)
What is a referee
Agencies that constantly watch businesses to make sure they are following the law.
what are Regulatory agencies?
good we all use (ex: national security, streetlamps, education, etc.) are...
What are Public goods?
Changes in people’s _______ also caused government’s role in business to expand. As the marketplace became more complicated, consumers turned to government for protection from dishonest or deceptive business practices, such as false advertising and the sale of harmful products.
What are Attitude Changes?
To improve public ____.
What is welfare?
What is the process of issuing a permit allowing an individual or a business to function in the marketplace?
It's important because it lets the government have control over who operates certain businesses and how they operate.
What is Licensing
Laws that are passed in order to regulate many varieties of businesses which prohibit specific business activity.
What are Regulatory laws?
Financial assistance such as grants or tax breaks (often given to farmers)
What are Subsidies?
The ________ (___) is in charge of protecting the environment in the US. (EPA)
What is The Environmental Protection Agency (EPA)?
To conserve the _____.
what is the environment?
When the government tells businesses the maximum amounts they can pay workers and/or charge for their products, they are using what?
They're important because they help stabilize the economy during times of inflation or economic crises.
What are price/wage controls?
Government pays the costs of regulation by doing what?
What is collecting taxes and borrowing if necessary?
Extra taxes on imported products
What are Tariffs?
What act stopped companies from collecting personal information from children under the age of 13 and what was it due to?
What is the Children’s Online Privacy Protection Act (COPPA)
Due to technology changes.
To protect ____ property?
what is business property?
Protects businesses via government regulation, Regulates use of resources + Fair access to them.
These are examples of ____ effects of government regulation of business.
What are Positive effects?
The ____ administers and enforces laws to prevent price fixing, to prohibit unfair competitive practices, and to regulate false or deceptive advertising.
(hint: its a regulatory agency)
What is The Federal Trade Commission (FTC)?
Determines the amount of money that is in circulation and the level of interest rates
What is Monetary policy
The most obvious reason for the expansion of the government's role in business is the ______ of the country.
What is growth?
To regulate _____ conditions.
What are workplace conditions?
Expense and inefficiency are examples of the _____ effects of government regulation of business.
What are negative effects?
Ensures safe and healthful working conditions for employees.
(hint: its a regulatory agency)
What is The Occupational Safety and Health Administration (OSHA)?