# CTE Resource Center - Verso - Marketing, Advanced Task 793558953

CTE Resource Center - Verso

Virginia’s CTE Resource Center

Analyze the role of government in business and the economy.

Definition

Analysis should include government involvement in business, such as
  • protecting consumers
  • protecting investors
  • protecting the environment
  • providing infrastructure for community and business growth
  • supporting businesses' development and viability
  • regulating industry practices that impact the environment, consumers, and other businesses
  • shaping the political climate for business development
  • providing services to support citizens and businesses
  • acting as a competitor
  • monitoring the economy (e.g., interest rates, tax rates, bail-outs).

Process/Skill Questions

  • What are some examples of unfair business practices resulting in government intervention? What effect did the intervention have?
  • What are two government regulatory agencies that protect consumers? [e.g., Consumer Product Safety Commission, Food and Drug Administration, Federal Trade Commission] Why are these agencies important to consumers?
  • Other than consumer protection, what are the primary responsibilities of the Federal Trade Commission (FTC)?
  • What is the role of the Securities Exchange Commission (SEC)?
  • What federal entities are responsible for protecting American employees? [e.g., Equal Employment Opportunity Commission, Occupational Safety and Health Administration]
  • What are the advantages and disadvantages of government involvement in business?
  • How does government's level of involvement in business change over the years?

Related Standards of Learning

English

11.5

The student will read, interpret, analyze, and evaluate a variety of nonfiction texts including employment documents and technical writing.
  1. Apply information from texts to clarify understanding of concepts.
  2. Read and correctly interpret an application for employment, workplace documents, or an application for college admission.
  3. Analyze technical writing for clarity.
  4. Paraphrase and synthesize ideas within and between texts.
  5. Draw conclusions and make inferences on explicit and implied information using textual support.
  6. Analyze multiple texts addressing the same topic to determine how authors reach similar or different conclusions.
  7. Analyze false premises, claims, counterclaims, and other evidence in persuasive writing.
  8. Recognize and analyze use of ambiguity, contradiction, paradox, irony, sarcasm, overstatement, and understatement in text.
  9. Generate and respond logically to literal, inferential, evaluative, synthesizing, and critical thinking questions about the text(s).

12.5

The student will read, interpret, analyze, and evaluate a variety of nonfiction texts.
  1. Use critical thinking to generate and respond logically to literal, inferential, and evaluative questions about the text(s).
  2. Identify and synthesize resources to make decisions, complete tasks, and solve specific problems.
  3. Analyze multiple texts addressing the same topic to determine how authors reach similar or different conclusions.
  4. Recognize and analyze use of ambiguity, contradiction, paradox, irony, overstatement, and understatement in text.
  5. Analyze false premises claims, counterclaims, and other evidence in persuasive writing.

History and Social Science

GOVT.14

The student will apply social science skills to understand economic systems by

  1. identifying the basic economic questions encountered by all economic systems;
  2. comparing the characteristics of traditional, free market, command, and mixed economies, as described by Adam Smith and Karl Marx; and
  3. evaluating the impact of the government’s role in the economy on individual economic freedoms.

GOVT.15

The student will apply social science skills to understand the role of government in the Virginia and United States economies by

  1. describing the provision of government goods and services that are not readily produced by the market;
  2. describing government’s establishment and maintenance of the rules and institutions in which markets operate, including the establishment and enforcement of property rights, contracts, consumer rights, labor-management relations, environmental protection, and competition in the marketplace;
  3. investigating and describing the types and purposes of taxation that are used by local, state, and federal governments to pay for services provided by the government;
  4. analyzing how Congress can use fiscal policy to stabilize the economy;
  5. describing the effects of the Federal Reserve’s monetary policy on price stability, employment, and the economy; and
  6. evaluating the trade-offs in government decisions.

GOVT.16

The student will apply social science skills to understand that in a democratic republic, thoughtful and effective participation in civic life is characterized by

  1. exercising personal character traits such as trustworthiness, responsibility, and honesty;
  2. obeying the law and paying taxes;
  3. serving as a juror;
  4. participating in the political process and voting in local, state, and national elections;
  5. performing public service;
  6. keeping informed about current issues;
  7. respecting differing opinions and the rights of others;
  8. practicing personal and fiscal responsibility;
  9. demonstrating the knowledge, skills, and attitudes that foster the responsible and respectful use of digital media; and
  10. practicing patriotism.

Other Related Standards

National MBAResearch Standards-Business Administration

Acquire knowledge of the impact of government on business activities to make informed economic decisions.

 

Understand tax laws and regulations to adhere to government requirements.