Government functions in the Economy Stabilize the economy Provide Public Goods Regulation of Business, Labor, Agriculture Redistribute IncomeEntitlements Maintain a legal and social framework Tax and Spend Government Regulation The U.S. government regulates business, labor, and agriculture Consumer Protection Government intervenes in the marketplace to guard public health by: Setting manufacturing standards Conducting laboratory tests on food, medicine and other products Providing consumer information about these products Public Disclosure Laws Require companies to give consumers full information about their products Consumers use this information to protect themselves from dangerous products and fraudulent claims PRODUCT SAFETY https://youtu.be/gy WuhOsVhzQ Consumer Protection - Regulatory Agencies Food and Drug Administration Consumer Product Safety Commission (CPSC) Federal Trade Commission Securities and Exchange Commission Federal Communications Commission Environmental Protection Agency Ralph Nader - Unsafe at any Speed LABOR Labor Occupational Safety and Health Act (1970) Set safety and health standards for workers Regulation of Labor Unions AGRICULTURE BUSINESS Anti-Trust Acts Business TTTTrade Agreements NNNNAFTA - North American Free Trade Agreement BBBBailouts AIG; GM