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    Provide A Legal System: Visual 1

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    Yasmin Ali
    The document outlines the key roles of government in a market economy, including providing a legal system, public goods, correcting market failures, maintaining competition, redistributing income, and stabilizing the economy. It also defines eminent domain as the power of the government to transfer private property to public use, often with compensation.

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    Provide A Legal System: Visual 1

    Uploaded by

    Yasmin Ali
    12 views1 page
    The document outlines the key roles of government in a market economy, including providing a legal system, public goods, correcting market failures, maintaining competition, redistributing income, and stabilizing the economy. It also defines eminent domain as the power of the government to transfer private property to public use, often with compensation.

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    The document outlines the key roles of government in a market economy, including providing a legal system, public goods, correcting market failures, maintaining competition, redistributing income, and stabilizing the economy. It also defines eminent domain as the power of the government to transfer private property to public use, often with compensation.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as pdf or txt
    12 views1 page

    Provide A Legal System: Visual 1

    Uploaded by

    Yasmin Ali
    The document outlines the key roles of government in a market economy, including providing a legal system, public goods, correcting market failures, maintaining competition, redistributing income, and stabilizing the economy. It also defines eminent domain as the power of the government to transfer private property to public use, often with compensation.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as pdf or txt
    of 1

    Visual 1

    THE ROLE OF GOVERNMENT IN A


    MARKET ECONOMY

    • Provide a Legal System to make and


    enforce laws and protect private property
    rights
    • Provide Public Goods that individuals or
    private businesses would not provide
    • Correct Market Failures such as external
    costs and external benefits (Externalities)
    • Maintain Competition by regulating
    monopolies
    • Redistribute Income by taxing those with
    larger incomes and helping those in need
    • Stabilize the Economy by reducing
    unemployment and inflation and promoting
    economic growth.

    Eminent domain is the power to force the


    transfer of property from a private owner to the
    government for a public purpose.

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