--%>

Main economic functions of government

Enumerate and briefly discuss the main economic functions of government.  Which of these functions do you think is the most controversial?  Why?

E

Expert

Verified

One role is to provide the legal and social framework.  This goes beyond the elementary policing of keeping people from assaulting and stealing from each other.  Government attempts to regulate business in terms of setting standards and rules.  Some examples include establishing rules regarding contract negotiations and enforcement; setting standards on safety of food, drugs and other products; educating the public about respect for private property; devising zoning laws, etc.

   Related Questions in Business Economics

  • Q : Define the term invisible hand in

    The “invisible hand” of the marketplace is a word referring to consider as: (w) government policies to set market prices at equilibrium levels. (x) speculative manipulations which create disequilibrium. (y) automatic adjus

  • Q : Society material wants are scarce

    Explain the foundation of economics where society’s material wants are scarce resources?

  • Q : Elucidate the various trade which

    Elucidate the various trade which enacted by governments?

  • Q : Explain the cause of Trade barriers

    Explain the cause of Trade barriers?

  • Q : Internal factors which influencing the

    Write down the internal factors which influencing the capital structure?

  • Q : How is productivity of labor based

    In Wealth of Nations by Adam Smith, opined that the productivity of labor based primarily on: (w) workers’ education. (x) divisions of labor. (y) technologically advanced machines. (z) suitable wage rates.

    Q : Explain the term leverages Briefly

    Briefly explain the term leverages?

  • Q : Self-interest theory demonstration by

    The model of _____ was demonstrated by _____ along with the quote, “The loss of a small finger would remain the average European by sleeping which night, ... but, given he never observed them, he will snore with the most profound security over the loss of millio

  • Q : Risky forms of production to gain

    Entrepreneurs: (w) undertake risky forms of production to gain uncertain profits. (x) obtain interest payments for their services. (y) are usually overcompensated for their innovations. (z) receive virtually all their wealth by inheritance.

  • Q : Contestable Markets The least probable

    The least probable of the given industries to be a contestable market is: (1) video rentals. (2) pizza delivery. (3) cable television. (4) trucking. Can someone explain/help me with best solution about problem of <