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Govt. & Economy

Review on how government interacts with the U.S. mixed economy

TermDefinition
Sherman Antitrust Act of 1890 law that prohibits companies from any activity "in restraint of trade" meaning activity that reduces competition
Mixed Economy a market economy in which government owns some property, offers some kinds of goods, and services, and makes some rules that affect how businesses can compete
monopoly when one company controls an entire industry without any competition
Federal Trade Commission (FTC) the government agency created in 1914 to carry out the powers in the Clayton Antitrust Act
Clayton Antitrust Act of 1914 law that gives the U.S. government the power to prevent companies from merging together if the merger will reduce competition
anti-trust law prohibit monopolies and other activity that reduces competition
tariffs taxes on goods from other countries
The government decides what should be produced Command Economy
The need to survive motivates people to hunt, gather, or farm Traditional Economy
Producers don't compete because everyone works to meet the community's survival needs Traditional Economy
The government sets wages, so people aren't motivated by profit Command Economy
Producers compete with each other to make profits from customers Market Economy
Producers decide what to make based on consumer demand Market Economy
Private individuals own the property Market Economy
The community's customs and traditions determine what is produced Traditional Economy
Most property is shared by the community Traditional Economy
The hope of profit motivates producers to develop new things Market Economy
There is no competition because the government is the only producer Command Economy
The government owns the property Command Economy
Created by: hroussel
 

 



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