Week 4: Government in a Market Economy

Day 1: Property Rights

Define intellectual property and its types (patents, copyrights, trademarks)
Explore the role of government in protecting intellectual property rights
Analyze the economic impact of intellectual property protection
Discuss the balance between innovation incentives and public access to ideas

Notes flashcards

Day 2: Government Involvement in the Economy

Examine the reasons for government involvement in the economy
Explore different types of economic systems (market, command, mixed)
Analyze the impact of government regulations on businesses and consumers
Discuss the concept of antitrust laws and their purpose

Notes flashcards

Day 3: Evaluating Government Involvement in the Economy

Analyze historical examples of government intervention (e.g., Standard Oil case)
Explore the concept of monopolies and their impact on the market
Discuss the Sherman Antitrust Act and its implications
Evaluate the pros and cons of government involvement in the economy
Analyze the role of various government regulatory agencies

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Day 4: Taxes and Fees

Define different types of taxes (income, sales, property)
Explore the purposes of local, state, and federal taxes
Analyze how tax revenue is allocated at different government levels
Discuss the concept of progressive vs. regressive taxation
Examine the impact of taxes on individuals and businesses

Notes flashcards

Day 5: Government Services

Define public goods and their characteristics
Explore the concept of market failure and its relation to government services
Analyze the federal budget and its major categories
Discuss reasons for government provision of certain goods and services
Evaluate the efficiency and effectiveness of government-provided services

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Key Concepts

Intellectual property rights
Government regulation and antitrust laws
Taxation and government revenue
Public goods and market failure
Government budget allocation

Learning Objectives

Understand the role of government in protecting property rights
Analyze the impact of government regulations on market activity
Evaluate the pros and cons of government involvement in the economy
Comprehend how taxes and fees fund government goods and services
Understand the economic rationale for government provision of certain goods and services