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Government Interaction in the Economy - Essay

Government Interaction in the Economy

Our economic system is based in part on free enterprise. Citizens’ needs will be met by companies that enjoy four basic freedoms in business: 1) a free market in which a buyer may choose any product, free competition and quality, an individual’s freedom to own private property and build up capital, freedom to earn a profit. All these freedoms come with risks and all businessmen also have the freedom to fail. While the basis of the economic boils down to the government’s interaction on society, which gives the American society a so called “mixed” economy because of the active role of the government.

Below are examples and explanations and effectiveness/ineffectiveness of the ...

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access to information resources or educational assistance as a child from wealthy family. Financial pressure means their parents cannot support them through higher education. Without further education they risk in low paid position all their life. Government tries to remove these factors behind inequality by introducing universal access to free education, living allowances etc. to make sure that cost is not a barrier for people from receiving higher education. Government creates a more equitable society by redistribution of income through the tax and welfare system. Income tax is levied on progressive scale: rates of tax increases as income increase. Government then transfers payment to lower income earners through the welfare system. In addition governments, also intervenes in the labor market to redistribution, and impose minimum wage levels.

3. Economic stability. Without any government intervention, a free market economic system is like to experience severe ...

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Government Interaction in the Economy. (2011, March 6). Retrieved April 20, 2024, from http://www.essayworld.com/essays/Government-Interaction-in-the-Economy/95571

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PAPER DETAILS

Added: 3/6/2011 12:58:30 PM
Submitted By: mikeygoggles
Category: Government
Type: Premium Paper
Words: 548
Pages: 2

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