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Economics & Economic Decision Making
Caveat EmptorStart working on cartoon question sheet you picked up at the door.
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Let the Buyer Beware!!
Should consumers be faced with:Contaminated products?
Extremely High Prices?
Breakable Products?
Who Can We Go To For Help?
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What is the role of Gov’t?
1. Promote and encourage competition
2. Prevent monopolies or regulate industries where monopolies are necessary
3. Protect the consumer from unfair practices or harmful g&s
4. Fulfill needs for public goods
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One of the Big Fights:
Led by Progressive Presidents (like the MAN, Teddy Roosevelt) the federal government finally started going after businesses that were corrupt and taking advantage of workers and consumers.
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Historical Anti-Trust Legislation
Trust: legally formed mergers of corporations or companies
ANTI-TRUST = ANTI-MONOPOLY
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Anti-Trust Laws
(1) Sherman Anti-Trust Act-1st law that halted the growth of trusts & monopolies
(2) Clayton Antitrust Act
-strengthened Sherman and outlawed price discrimination
(3) Federal Trade Commission Act
-established FTC to regulated unfair competition
(4) Robinson-Patman Act
-forbade discriminatory discounts & rebates
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Governmental Regulatory Agencies
A veritable alphabet soup!!
Names to know:FDA
FAA
FCC
EPA
OSHA
CPSC
Open Your Books to Page 180