Economics January 31, 2018Chapter 2 Section 3You will do a little bit of research to look at the role the U.S. Government has played in the economy throughout history. Directions:Go to pages 52-53 in the textbook. Under the heading “The Role of the Government,” select ONE of the following subheadings: Protector, Provider, Regulator, or Consumer. Read your selected section in the book and then research that particular role of the government online. You want to find out and report on how that role in the economy has changed overtime. Write a historical report (5 paragraph essay) using this outline:IntroductionWhich role of the government are you researching and what is its purpose in our economy?(Don’t forget a good thesis statement!)BodyHow important is this role today?What was the importance and purpose of this role 25 to 50 years ago?What was the importance and purpose of this role about 100 years ago?ConclusionConclude your essay summarizing your findings and re-stating the purpose of this role in the government.Check and edit for spelling, grammar, and punctuation. Economic EssayEconomic systems are about the what, how, and for whom to produce. They representations of economies found throughout the world that demonstrate the distribution of control between people and the government. The economic systems have command economies on one side and the free markets on the other side. The government acts as a provider to the United States economy through setting limits and policies for economic functions for the people. The United States’ decisions are made by individuals acting as participants within the market. The federal, state, and local governments make laws protecting private property and control areas of business. The United States has an economic system which individuals own the factors of production and decide how to use them within legislated limits. The United States has a free market economy but with government, it is a mixed economy. The government has many rules in the economy to protect buyers. Zoning regulations, child-labor laws, hazardous waste rules, and other regulations limit enterprises to protect the anticipated entrepreneur and their surroundings. Consumers in a market economy have the advantage of being able to choose products. Buyers are free to make choices, the market has grown. A consumer’s choice determines the success or failure of a good or service. The products being sold is the desire to make a profit. This motivates entrepreneurs to establish new businesses, like build another Walmart, and change the kinds of goods and services produced. From companies to place warning labels on potentially dangerous products like hair dryers or telling the company may the amount they can charge, the government control over company dealings to help keep all consumers satisfied and safe during their purchases.