Identifying Characteristics of US Free Enterprise System
In this lesson, students will learn about the US Free Enterprise System and key terms such as Free Enterprise, Public Policy, Public Disclosure Laws, and more. The government's role in intervening and protecting consumer interests, environmental concerns, and worker safety will be explored.
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Presentation Transcript
Preserving Economic Freedoms In this lesson, students will identify characteristics of the U.S.A. s Free Enterprise System. Students will be able to define and/or identify the following terms: Free Enterprise Public Policy Public Disclosure Laws Occupational Safety and Health Administration Environmental Protection Agency
Do Now: 3/6/19 What is a Mixed Economy? Combines elements of different economic systems to meet the needs of society.
The government insists that warning labels are placed on potentially dangerous products. Companies don t always want consumers to know.
Our Free Enterprise system is mostly a free market economy. However, the government acts like a lifeguard and intervenes in the economy when necessary.
Why does the Government sometimes need to intervene in the economy? There are many reasons why the government intervenes in the economy. Some reasons for government intervention are: oTo inform consumers about products oTo protect the environment oTo prevent the sale of dangerous goods oTo protect workers
The government does not allow the sale of dangerous products like illegal drugs. The government protects the public.
Public Policy The public interest is the concerns of the public as a whole. A safer car is in the public interest. Public policy is laws and standards on topics of public interest. Requiring car manufacturers to install seatbelts is an example of public policy.
The government also requires companies to provide full information about their products.
Public Disclosure Laws Public disclosure laws are laws requiring companies to provide full information about their products. Public disclosure laws exist to ensure that consumers are knowledgeable about the products they purchase. An informed consumer is a protected consumer.
We cannot merely look at a product and know how much fat or cholesterol it contains.
Workers also need the government s protection. What prevents business owners from exploiting its workers?
Occupational Safety and Health Administration (OSHA) OSHA is a government agency that issues regulations on workplace safety. OSHA conducts workplace inspections. OSHA requires public disclosure of hazards to workers.
What prevents companies from dumping harmful chemicals in our rivers?
Environmental Protection Agency The EPA is a watchdog agency that aggressively targets polluting industries by imposing regulations, cleanup requirements, and penalties. The EPA protects the environment and ensures that companies do not harm the environment.
Questions for Reflection: Define Free Enterprise. Why does the United States have a Free Enterprise system? Provide an example of Public Policy. Why do Public Disclosure Laws exist? How does the EPA benefit society? How does OSHA benefit workers?
