Should be at a minimum 300 words 1. What is the relationship between government
ID: 421563 • Letter: S
Question
Should be at a minimum 300 words1. What is the relationship between government and economics? 2. What is the relationship between types of guarantees a government provides and the type of economic system in the society? a. Is this a necessary relationship? 3. Does the U.S. government provide any substantive guarantees? a. Should it? Should be at a minimum 300 words
1. What is the relationship between government and economics? 2. What is the relationship between types of guarantees a government provides and the type of economic system in the society? a. Is this a necessary relationship? 3. Does the U.S. government provide any substantive guarantees? a. Should it? Should be at a minimum 300 words
1. What is the relationship between government and economics? 2. What is the relationship between types of guarantees a government provides and the type of economic system in the society? a. Is this a necessary relationship? 3. Does the U.S. government provide any substantive guarantees? a. Should it?
Explanation / Answer
1. Economics is defined as the study of use of scarce resources to satisfy unlimited human wants.
Government is defined as the group of people that governs and administers a society.
The relationship between government and economics is:
-Economics influence the economy whereas government influences the people.
-The performance of the economy is directly affected by the government of that country.
-The hurdles in improving economic growth in a country are mostly due to government implications.
-Due to lack of trust between government and private sectors, the economics of private sector depends more upon the rise or fall of public sectors.
- An ideal economist could ignore the governmental biases in giving the economic report for a country but the true report is find when he considers government procedures into it.
-Many economic issues are passively political because they tend to form different opinions about government.
2. The type of economic system in a society has direct relation with the type of guarantees a government provides.
-In a traditional economic system where the product outcome is due to the tradition and beleifs if the society, the government guarantees the safety of beliefs of the people of society.
-In a command economic system where economy is directly controlled by the government, the government guarantees the efficient use of resources and effective control of the industries to keep the manufacturing and service sectors rising.
a. This relationship as seen above is a necessary relationship because it benefits the government from the economy and the people of the society.
3. The substantive guarantees provide the rights and duties to the people in the society. They are regulated by the government. Hence the US government provides substantive guarantees such as law of contracts, wills, torts, real estates etc.