How much freedom?

The Economy of the United States

While the American economy is a mixed system, the foundation of the United States economy is the free market. The United States free enterprise system is characterized by individual or corporate ownership of capital goods. Investments in firms are made in a free market by private decision.

The Role of Government:

The government of the United States plays a substantial role in the American economy. The American government keeps order, provides vital services and promotes the general welfare. Federal and state laws protect private property rights. The marketplace operates with a limited degree of government regulation and some limits government places on business use of private property. For instance, local laws may allow business to operate only in certain areas and not in a residential district.

A company planning to shut down a facility may not freely do so if it has 100 or more employees. Federal law requires such a firm to give employees 60 days warning if that shut down will result in job losses.

Some Americans argue that there is a need for more government services and stricter regulation of businesses. They want greater regulation of employment practices to protect workers or of business processes to protect consumers or the environment. Many others, however, say that the government already intervenes too much in the economy. They call for relaxation of existing regulations, arguing that government rules drive up the operating and administrative costs of businesses, making them less efficient and less competitive.

Assignment:

Y’all will choose a United States government limit on economic freedom and evaluate that limit/regulation. The ultimate question that needs to be answered: Is your chosen regulation a reasonable limitation on freedom or should it be repealed?

Be sure to include the following:

  1. Define and describe the limit on freedom
  2. Why did the government impose such a regulation? What freedom (from a business and/or individual perspective) does it limit or restrict?
  3. Summarize the pros and cons for keeping the regulation vs. repealing the regulation. What effect does the regulation have in the economy?
  4. Answer the question: Is your chosen regulation a reasonable limitation on freedom or not?
  5. Overall, should the United States government provide stricter regulation on businesses and individuals or should the government be more hands off?
  6. Defend your opinion using evidence and information you’ve learned about market, command and mixed economic systems.
  7. A works cited in Chicago/Turabian format that includes at least 3 different sources.
  8. You must have a minimum of 2 pages, double spaced, 1” margins, 12 pt font and Times New Roman.

You can choose any economic limit on freedom within the United States, but you must get approval first from me!

If you cannot think of one, here is a list of economic limits on freedom. No more than 3 people per topic:

  1. Many medicines can be purchased only with a prescription from a licensed health care provider.
  2. It is illegal in many places to sell raw milk, which is milk that has not been pasteurized.
  3. In general, financial contracts with people under the age of 18 are not binding, so banks don’t make loans to young people.
  4. In order to work in many different industries, you have to have an occupational license.
  5. Examples: doctors, teachers, lawyers, cosmetologists, realtors, etc…
  6. Automobiles must meet certain fuel economy standards or they cannot be sold or driven on the road.
  7. State of Texas automotive inspection and registration.
  8. In many places, you must have a government permit to set up a business as small as a lemonade stand.
  9. It is illegal (in most cases) to work if you are under the age of 16 years old.
  10. The federal government has laws that say the possession, sale and purchase of alcohol is limited to citizens who are 21 years of age and up.
  11. The federal government has laws that say the possession, sale and purchase of marijuana is illegal.
  12. City government zoning laws.
  13. In some states, it is illegal to collect rainwater.
  14. The federal minimum wage is currently $7.25.
  15. Chicken eggs in the U.S. must be washed and sanitized before being sold.
  16. All U.S citizens must purchase health insurance.