[PPL 101] - Midterm Exam Guide - Ultimate 24 pages long Study Guide!

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6 Feb 2017
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PPL 101
MIDTERM EXAM
STUDY GUIDE
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Wednesday, January 4, 2017
Week 1
What is Public Policy?
-Policy is a purposive course of action that an individual/group consistently follows
when dealing with a problem
can be in public sector or private sector
-public policy affects all levels of government
-public problems — not being solved by free market or individuals themselves
to solve, need “new courses of action”
-i.e: laws, regulations, programs
-policies serve to protect and promote public good
-we study public policy to improve citizens’ ability to participate + make choices AND
improve citizens’ ability to influence policy decision
-TOOLS OF GOVERNMENT INCLUDE . . .
-tax breaks
-regulation
-subsidize
-educate
-offer direct services
-set up market incentives
-PRIVATE ACTION
-individuals/corporations act on their own
-little cooperation and consideration of public good
-people have liberty to act individually
-GOVERNMENT ACTION
-gov. sets policies that require people/organizations to act collectively
!1
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Wednesday, January 4, 2017
-focus on public well being
-must comply with laws
-WHAT AFFECTS POLICYMAKING?
-“context” — surrounding circumstances
social context - societal changes
economic - state of economy
political - who has power?
governing - structure of gov.
cultural - values, beliefs (republican vs. democratic state)
-WHY DOES GOV. TAKE ACTION?
-public decides problem is too severe/private sector can’t handle anymore
-MANY REASONS . . .
-political reasons — may create a problem
-moral/ethical reasons
-economic reasons — market failures
“free market” doesn’t solve problems
-4 TYPES OF MARKET FAILURES
1. monopolies: 1 entity controls too much of market
2. externalities: effects external to a transaction
-3rd party harmed/benefits from transaction
3. information failures
-incomplete information
-consumers unable to make decisions on own due to complexities
-not a problem for certain products
-problem possibly for complex items difficult to understand
purchasing insurance
!2
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