Economic role of the government Essay Example for Free

Economic role of the government Essay Economic systems are identified by how they answer the three questions of what, how, and for whom to produce. Similarly, they are theoretical representations of economies found throughout the world that demonstrate the distribution of control between people and the government. The economic systems exist on a continuum, with command economies on one side and the free markets on the other side. The United States has a free market economy but with a notable amount of government intervention, therefore it has a mixed economy. The government acts as a provider and regulator of the United States mixed economy through setting legal limits and sensible policies for economic functions for the people. In the United States, decisions are made by individuals acting as participants within the market. The federal, state, and local governments, however, make laws protecting private property and regulating certain areas of business. Practiced in the United States today, capitalism would be best defined as an economic system in which individuals own the factors of production, but decide how to use them within legislated limits. Nearly identical to capitalism, the free enterprise system is another definition for the American economy. The free enterprise system emphasizes that individuals are free to own and control aspects of production, yet expands on the fact that government places legal restrictions on freedom of enterprise. Zoning regulations, child-labor laws, hazardous waste rules, and other regulations limit free enterprise to protect the anticipated entrepreneur and his or her surroundings. When such rules are established, freedom has is boundaries and is considered a privilege. Consumers in a market economy have the advantage of being able to choose among products. Contrasting to freedom of enterprise, freedom of choice applies to only the buyers, not the sellers. Although buyers are free to make choices, the market has grown into an increasingly complex place. A consumers choice determines the success or failure of a good or service. The profit incentive is the desire to make a profit. This motivates entrepreneurs to establish new businesses, expand existing ones, and change the kinds of goods and services produced. The government has intervened in various areas of the economy to protect buyers. From a simple requirement  for companies to place warning labels on potentially dangerous products to regulating the prices that a company may charge, the government arbitrates in company dealings to help keep all consumers relatively satisfied and secure in their purchases. One of the most important characteristics of capitalism and free enterprise is the right to private property. That is, property not owned by federal, state, or local governments, but rather held by a person or persons. The right to all property-land, business, automobiles, and whatever else the person can afford-aids in the production of wealth and prosperity for all. According to the Constitution, the government has no power to seize private property unless payment is given to the individual. What are called the rights of property are the rights to risk investment and acquire new ways of producing while learning the benefits and downfalls of ownership. Among the economic goals of Americans are economic freedom, economic security, economic stability, and economic growth. To obtain these goals, individual opinions along with government decisions must fall into equilibrium. In order to have a well-functioning enterprise system, individuals are required to take on certain economic responsibilities. Such responsibilities include attempting to rise as a successful entrepreneur and obtaining the knowledge of possible government policies while analyzing the consequences of those policies. The United States illustrates the characteristics of a mixed economy by combining freedom of choice, the desire to make profit, and the right to property with government regulations.

Sophie’s Heart :: Essays Papers

Sophie’s Heart This novel is excellent and extremely well written. It follows the life of Sophie, a Czechoslovakian woman who immigrates to America. Sophie was a translator for the Czech Government and is fluent in German, Italian, Russian and Polish. Unfortunately, Sophie was not fluent in English. When Sophie comes to America she has huge difficulties in finding a job. After 9 months in America she meets Janet Ring at a local church. Janet and her family then slowly get to know Sophie and realize that Sophie is not happy working in a restaurant or happy living in Chicago. She realizes what a special person Sophie is, Sophie is a strong person who does not allow others to take advantage of her. Yet she has a tender heart and is able to share it with others. God then lays a solution for her brother on her heart. She approaches Alec about hiring Sophie as their housekeeper. There is reluctance on his side, yet he does not want his children burdened any more. He agrees to take Sophie on a trial perio d. Sophie wants to get out of the city and the restaurant. She loves children and jumps at the opportunity Janet offers her. When she meets the Riley family she realizes that God can use her there to help this hurting family. She has not desire to replace Vanessa Riley, but would like to help them as they adjust. Sophie moves into the apartment above the garage. She works every morning till late at night. Alec works lots and rarely gets to come home and eat with his family. The children miss their father but get used to his absence. Craig is reluctant to get even remotely close to Sophie. He is afraid that she is trying to take place of his mother. He also worried that if he gets close he will forget his mother. Tory the youngest is very attached to Sophie. She teaches Sophie the American ways. Introduces her to â€Å"The Price is Right† and other popular American TV shows. Rita, the eldest of the three is there helping Sophie with anything she needs to feel comfortable. She takes Sophie grocery shopping, as Sophie doesn’t drive. Rita also takes Sophie clothing shopping to help her with her style. Sophie does not want to be an inconvenience and is extremely polite. Sophie wakes up two hours early on Sundays to walk to church because she couldn’t dare ask the Riley family for a ride.

Case Study Methodology Essay

Increase learning through real world case analysis situations. ?Develop skills of teamwork and cooperation. ?Develop points of view, opinions, and frame of references to help one become a more understanding, useful, and productive member of an organization, and this course in particular. ?Develop experience of management and cooperation with virtual working groups. Preparing a Case analysis: The first step in preparing a case is to assemble the facts, information, and circumstances surrounding the case described. As in real life, non-relevant descriptive materials may be presented and should be eliminated from further analysis–you have to decide those items as a study group and an individual. You must sift through all the information you can gather and determine what is important to your final decision. Many times personal experience and knowledge may need to be used or additional information gathered from the Internet, then these can be used to base a final analysis for the study group. Outline of Case analysis Approach: ?Define the central issue. ?Select and gather pertinent areas of consideration, make assumptions where needed about data, and other items that might drive your analysis towards one solution or another. ?Analyze the considerations and determine their relative importance. ?Investigate all the possibilities to solve the central issue, but strive to identify at least three different options. ?Select and state the best solution. ?Describe how you would implement that best solution. ?Defend, from textbook readings and other sources, how you would insure success. Answer the Questions at the End of the Case Study† Dr. Jim Young-Kaplan University.

The Father of Economics - Adam Smith - 3144 Words

The Father of the Economics During the 18th century, when Adam Smith lived, the most important social, moral, and technological presumptions had matured. These assumptions have helped to shape the market system as the publicly accepted and entrenched economic lifestyle, and the basis for cultural and even ethical relationships. The presumptions were market intensification and the spread of money operations, as well as the need for accounting and technical production, not the seizure of new lands or colonial conquest, as it used to be, but the accumulation of wealth became the source of vitality for many nations. At the same times, the type for economic man, the one who is absorbed with resource realization, was formed. The history†¦show more content†¦The political economy was taught before Adam Smith, but only after the Wealth of Nations appearance this economy had become a global science and academic discipline. Following the development of the industry, popular science writings described a full-time economic theories and policies. The first economic research results assembled in a scientific framework. Smith criticized mercantilism theory and practice of feudal institutions and outdated, hindering the development of capitalism meant the industrial interests of the bourgeoisie, the economic basis the private interest (Smith). Further he developed the theory of work performance. Smith argued that the work is of value to the substance and its true measure, however, identifies the labor force to work, did not value and exchange value. The structure of bourgeois society gave three classed of hired laborers, capitalists and landlords. Smith strongly argued that profits, interest and rents rise in workers work products developed (Smith). Profit and interest in a compensation for the entrepreneurs of the risk and capital costs, and annuities – the natural result (Smith). Smith came close to working and fixed capital correct wording, had revealed the accumulation of capital in the sphere of production factors, but did not explain the capitalist accumulation of substance and nature. The annual value of the product divided the wages and salaries, profits andShow MoreRelatedAdam Smith : The Father Of Economics1599 Words   |  7 Pages The first individual to discuss is Adam Smith. One of the most notable tags associated with Smith is he is known as the â€Å"father of economics.† Adam Smith was a philosopher and thus this caused him to question all things about the world as well as other aspects of nature (Overview of Economics). As Smith studied, he examined closely the business side of the world and made some interesting predictions. He believed that people in societies, who behaved and acted in their own interest would produceRead MoreAdam Smith : The Father Of Modern Economics And Capitalism2619 Words   |  11 PagesApril 2014 Adam Smith was an influential 18th century philosopher who many consider to be the â€Å"father of modern economics and capitalism.† Born in 1723 in Scotland, he was one of the greatest classical liberal thinkers of all time. He is best known for his works The Wealth of Nations and The Theory of Moral Sentiments. His ideas were developed during the mid-1700s, during the Industrial Revolution. The Industrial Revolution was one of the largest social, political, and economic shifts in humanRead MoreEssay about Adam Smith Father of Economics5633 Words   |  23 PagesHistory of Economic Thought | | | | Brian Witt | | | Brian Witt Dr. Kang MBE 330.01 Final Paper Adam Smith: â€Å"The Father of Economics† Adam Smith was a Scottish moral philosopher and a pioneer of political economics. One of the key figures of the Scottish Enlightenment and modern economics, Smith is an author of The Theory of Moral Sentiments and An Inquiry into the Nature and Causes of the Wealth of Nation, now known to be called The Wealth of Nations. Smith is commonlyRead MoreThe Invisible Hand By Adam Smith923 Words   |  4 Pagesperson. Obvious that is Adam Smith. Even though, after ten years or thousand years the economists will recall Adam Smith. Moreover, if you visit United Kingdom you can recognize Adam Smith face in the 50 and 20 pounds. ‘Man is an animal that makes bargains†- Adam Smith (Brainy Quote, (n.d)). That is underling the people’s instinct when they make a deal. â€Å"A person, who received his education through hard work, is like an expensive Car’- Adam Smith (Brainy Quote, (n.d)). Adam Smith encouraged people toRead MoreClassical and Neoclassical Economists: Ada m Smith and John Maynard Keynes1289 Words   |  6 PagesIn order to understand how economics really work in today’s age we must think about how those economic ideas, revolutionary theories of many economists, that helped to shape the economic structure as we know it now, through many individuals and school of economic though that has existed through the ages. These schools are â€Å"the mercantilists, the physiocrats, the classical economists, Marxian economics, the neoclassical economists and the monetarist economics. For this essay I will only refer toRead Moreâ€Å"It is not from the benevolence of the butcher, the brewer, or the baker, that we expect our1000 Words   |  4 Pagesof Nations, which Adam Smith wrote, addresses well about why and what reason people work for. The butcher, the brewer, or the baker does not cut, stir, or bake because they want to please the customer or to feed the poor, but to earn money and for their own happiness. Adam Smith, who fully u nderstood the concepts of capitalism and free market system, became one of the most well respected economists throughout the world. Smith became famous because of his philosophy of economics. Because of his thoughtsRead MoreAdam Smith706 Words   |  3 PagesAdam Smith was a Scottish political economist and moral philosopher, who studied moral philosophy at Oxford University and University of Glasgow. Smith is considered by many to be the founding father of economics and the first free-market capitalist. In fact, in many ways his philosophies and theories have helped shape our country and our economy into what it is today. Smith introduced us to the invisible hand theory which referred to the free markets. The invisible hand theory stated that ultimatelyRead MoreAdam Smith was born in Kirkcaldy, Fife, Scotland on an unknown date. While the exact birth date of600 Words   |  3 PagesAdam Smith was born in Kirkcaldy, Fife, Scotland on an unknown date. While the exact birth dat e of Smith is unknown, records show that he was baptized on June 5, 1723. He was the son of the comptroller of customs in his small village; however, his father sadly died approximately six months prior to Adam being born. He was then raised by a widowed mother. Around the age of 15, Adam Smith attended Glasgow University where he studied moral philosophy. About two years later, in 1940, Smith enrolled inRead MoreEconomics Essay1090 Words   |  5 PagesEconomics is an ever-changing field of study. Within that area of interest, there are many people who have influenced the world with their individual economic point of view. Some of those people have made a fundamental impact upon not only the United States of America, but also upon the world. Adam Smith, David Ricardo, John Maynard Keynes, Friedrich Von Hayek, Milton Friedman, and Fengbo Zhang are six men who have accomplished just that. Their opinions, actions, and words have forever changed theRead MoreThe Biography Of Adam Smith 1505 Words   |  7 PagesThe Biography of Adam Smith Adam Smith was born in Kirkcaldy, Scotland in the year 1923, and died in the year 1790 at the age of 67 (Stewart, 1861). His exact date of birth is unknown but was baptized on 5th June 1723. His father was a prosecutor, advocate, and solicitor but passed on two months after his birth, leaving his mother to bring him up. His mother, Margaret Douglas, played a great role in his upbringing, especially in education. He joined the Burgh school where he learned history, writing