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the government promotes economic stability by creating laws against illegal things like monopoly and unfair pricing, but also makes sure businesses follwo the rules and are regularily inspected- food safety, worker safety etc.
Externalities are side effects of large businesses from production of consumption. The government deals with these by usually taxing businesses wiht negative externalities.
positive externality- a benefit or side effect of produciton or consumption that fallls on someone other than the producer or consumer. This could be like education which helps yourself and the community. Negative externalities usually affect someone in a bad way and is a negative side effect like pollution from large factories or cars.
A tragedy of the commons is when a shared general resource is overused. This may be water or land or oil. For example, when there is not enough oil left in the ground there is a shortage and prices will have to go up until there is more oil drilled. When there is too much oil drilled it may also negatively damage the earth.
Redistribution of wealth are generally government programs that help citizens of low income or poverty either pay for food, shelter or healthcare. Welfare and Social Security are commonly used.
GOVERNMENT EFFECTS ON THE ECONOMY BY ELLIE
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