Econ Part 1

Econ Part 1
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  • Hi! My name is Frank and I am going to explain the importance of Free Enterprise and some special vocabulary as well! 
  • Let's start with the term: Public Interest 
  • Oh! Public interest is the concerns of the public as a whole. I learned that in my economics class.  
  • Public policy are laws and standards on topics of public interests. 
  • Imagine what a society would be like if we did not have a public policy... yikes
  • An interest group is a private organization that tries to persuade public officials to act or vote according to group members' interests
  • Think of all the YouTube ads... how many of those ads have to do with a political persuasion? Quite a few. 
  • Public disclosure laws are laws requiring companies to provide full information about their products. 
  • For example, food companies are required to provide all ingredients that go into their food. 
  • The poverty threshold is an income level below that which is needed to support families or households. 
  • 12.7 percent of Americans are considered under the poverty line. 
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