According to the Video what is the importance of a government in a market economy?

• It has no role to play. It is completely hands off

• One cannot exist without the other

Why is it important that the government establish "Law and Order"

• So people know they will be punished if they steal your property (physical and your ideas)

• So people know they will be punished if the commit fraud

• So that the government has something to do

• So that television companies can create long running popular television series with that title.

In a Market Economy the government defines​ (a)   rights and establishes the ownership of property. The government also establishes​ (b)   for what can and cannot be exchanged. According to these rules certain products are​ (c)   and cannot be bought or sold.

• property
• rules
• illegal
• legal

The government also establishes ​ (a)   . This means that everyone is using the same agreed upon​ (b)   and measures. The government wants to be sure that you are​ (c)   the amount that you expected to be getting.

• Market Standards
• weights
• buying

The government also provides​ (a)   goods. These are things that benefit the public and no company would be interested in doing because the cost outweighs the ​ (b)   . An example is public ​ (c)   . The government covers enough of the cost that communities can provide this ​ (d)   at a reasonable cost to the citizens.

• public
• profit
• transportation
• service

The government supports a market economy by creating​ (a)   . These are laws that create protections for citizens. For example​ (b)   in gasoline is great for the engine, but horrible for​ (c)   . The government created regulations that eliminated lead in gasoline to help control air pollution.

• regulations
• lead
• air pollution
• sugar
• anarchy

The last point that was made is that the government promotes ______. It tries to limit or eliminate monopolies.

• Competition

• Scarcity

• Opportunity Cost

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