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Welfare economics

Chapter 6: Markets, Maximizers, & Efficiency Notes

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Economics
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Economics
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Economics Chapter 6: Markets, Maximizers, and Efficiency Start Up: A Drive in the Country Suppose you decide to take a drive. For purposes in this example, we?ll assume that you have a car, that the weather is nice, and there?s an area nearby that?ll be perfect for the drive. Your decision to take a drive is a choice. Since economics deal w/ choices, we can put econ. To work in thinking about it. Economists assume that people make choices that maxes utility Utility is the satisfaction you gain from your use of goods/services and from activities you do You plan to enjoy the drive; the enjoyment is the benefit you expect. But, you?ll give up some things as well.

ch.45

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US Gov and Politics
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Economics
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Welfare economics
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Chapter 7 Questions Level 1 Mercantilism What was the mercantile system/theory? put upon by the British. Shaped the idea of major policies. Believed that wealth was power; a country?s economic wealth could be measured by the amount of gold or silver. Basic goal: export more than what was being imported. Relied on strong central governments to be enforced. What occurred during the Boston Tea Party? What were the Acts that were established? Describe each. Level 2 Questions. What impact did the Navigations Act (NA) have upon the colonies economic system? Explain. 1763 NA.

ch. 17 social welfare

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US Gov and Politics
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Social welfare in the United States Who deserves to benefit? Insistence that it be only those who cannot help themselves Slow, steady change in deserving/undeserving line Alternative view: fair share of national income; government redistribute money Preference to give services, not money, to help deserving poor Late arrival of welfare policy Behind twenty-two European nations Contrast with Great Britain in 1908 Influence of federalism Federal involvement "illegal" until 1930s Experiments by state governments Argued against federal involvement because state already providing welfare Lobbied for federal involvement to help states Majoritarian welfare programs Social Security Act of 1935 Great Depression of 1929: local relief overwhelmed
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