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FreedomWorks Originals provides you entertainment and education to help you better understand economics, the workings of government, and our insight into the most important debates facing our nation today.
Watch and subscribe today! The federal government was created by the states. Simple enough, right? In the era of massive federal government expansion, simple facts are easily lost. Lest we lose hold of our plumb line, even the simplest, most basic tenets of our founding principles bear repeating. Central to this story are the often forgotten Articles of Confederation; America's first Constitution.
For everything the Articles were, or weren't, depending on the argument, "the Articles of Confederation were the constitutional expression of this movement [Revolutionary] and the embodiment in governmental form of the philosphy of the Declaration of Independence," wrote Merrill Jensen. The short-lived Articles created a loose confederation of states.
No president, no supreme court, no federal agencies -- just a Congress in charge of a brand new nation of mostly independent states. Increasing interstate conflict, inability to protect from insurgencies, and financial struggles contributed to calls for a more efficient form of governance.
The end result would be our Constitution. It is worth noting that the entire discussion regarding the Constitution focused on more efficient government that fostered the principles of the Revolution, not more government.
The Constitution required states to share their authority with a centralized government in exchange for certain protections. The most obvious protection of state powers was enumerated in the form of the tenth amendment. Madison wrote in Federalist 45, " the powers delegated by the proposed Constitution to the federal government are few and defined.
Those which are to remain in the State governments are numerous and indefinite. It was this negotiation that gave us the Bill of Rights. Leery of a soft tyranny masked as a central government, Anti-Federalists insisted a Bill of Rights limiting the power of the federal government be included in the Constitution. Only when a Bill of Rights was included would Anti-Federalist pledge support and ratification of the document.
Fast forward to present day America. Rather than maintaining the power to govern as their constituency prefers, states are bullied, maligned and sued by the federal government for refusing to walk lock-step with harmful federal policy.
The federal courts' most important power is that of judicial review, the authority to interpret the Constitution. When federal judges rule that laws or government actions violate the spirit of the Constitution, they profoundly shape public policy. What branch of government is most important? This depends on what you mean by "important. I believe that this branch is the most important because it is the branch that includes the president.
What stops one branch of government from becoming too powerful? The system of checks and balances is an important part of the Constitution. With checks and balances, each of the three branches of government can limit the powers of the others. This way, no one branch becomes too powerful. Which branch is the most important and why? Sometimes the most powerful branch is the Executive because the President controls foreign policy, has a veto, and decides how to enforce laws.
But the current President has limited power because he is blocked at every turn. Sometimes the most powerful branch is the Judicial because it can override the other branches.
What is the judicial branch responsible for? Cultural definitions for judicial branch The court systems of local, state, and federal governments, responsible for interpreting the laws passed by the legislative branch and enforced by the executive branch.
What is the judicial branch? The judicial branch of the U. At the top of the judicial branch are the nine justices of the Supreme Court, the highest court in the United States. Which branch executes laws? Monopolies restrict free trade and prevent the market from setting prices.
That creates the following four adverse effects: Price fixing: Since monopolies are lone providers, they can set any price they choose.
Declining product quality: Not only can monopolies raise prices, but they also can supply inferior products. Monopolies over a particular commodity, market or aspect of production are considered good or economically advisable in cases where free-market competition would be economically inefficient, the price to consumers should be regulated, or high risk and high entry costs inhibit initial investment in a necessary sector.
Monopolies can be criticised because of their potential negative effects on the consumer, including:. The Sherman Antitrust Act is the broadest of the antitrust laws, prohibiting practices whose main objective is to create or maintain a monopoly. In a monopoly, the firm will set a specific price for a good that is available to all consumers. A monopoly is less efficient in total gains from trade than a competitive market. Monopolies can become inefficient and less innovative over time because they do not have to compete with other producers in a marketplace.
A natural monopoly exists in a particular market if a single firm can serve that market at lower cost than any combination of two or more firms. A monopoly is a firm who is the sole seller of its product, and where there are no close substitutes. An unregulated monopoly has market power and can influence prices. Examples: Microsoft and Windows, DeBeers and diamonds, your local natural gas company.
Take fast food, for example. The fast food market is quite competitive, and yet each firm has a monopoly in its own product. These preferences give monopolistically competitive firms market power, which they can exploit to earn positive economic profits. Nike is not a monopoly.
The company operates in oligopolistic market structures in which there are other able and worthy competitors. Monopolies are defined as market structures where only one seller or producer exists for a product; additionally there are high barriers to entry.
In a monopoly market, there would be only one seller and a high entry barrier. Hence Coke has a convenience advantage. Pepsi is a carbonated soft drink manufactured by PepsiCo. Coca-Cola and Pepsi are oligopolistic firms that collude to dominate the soft drink market. In this scenario, both firms have the choice to set their prices high or low, and the potential profits for both firms are listed in the matrix.
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