Learning Objectives

After reading this chapter students should be able to:

Discuss the principles behind the concept of a regulated economy.

Explain general differences between the economic ideas of Adam Smith and Karl Marx.

Describe the differences between regulatory policies of efficiency and equity.

Explain the function of the Federal Trade Commission.

Distinguish between fiscal and monetary policy.

Distinguish between the general principles of supply-side and demand-side theories.

Discuss how deregulation serves the economy.

Describe the Federal Reserve System's role in America's economy.

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