Economics Chapter 10: Government and the Economy

Economics Chapter 10: Government and the Economy

Terms to Know:

Section 1: The Purpose of Government

A government is an established system of political administration by which a nation, state, society, or organization is ruled.

Section 2: Government and Macroeconomics

Macroeconomics is the study of national and international economies and how they are affected by large-scale choices and public policies.
Microeconomics is the study of specific components within a major economy and how the choices made by individuals and businesses affect that economy.

Section 3: Governments' Potential Danger to Economies

Socialism is an economic system based upon collective ownership and control of national resources.

Five Potential Dangers to Economies:

(1) Excessive Taxation
(2) Inflation and debasement of money
(3) Excessive public expenditure
(4) Excessive regulation and direction of the economy
(5) Political plundering of the economy

Section 4: American Government and the Economy

Keynesianism is based on the belief that a society's economic problems can be better solved by "expert planners" than by the natural, automatic corrections made by a free market.
According to Keynes, it is the government's responsibility during times of recession to "prime the economic pump", even if it means running up massive budget deficits and national debt.

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