195 Ch1

Question 1

Public Policy

Answer 1

The process by which a society makes and enforces decisions on what behavior is acceptable and what is not
-most human endeverse do not require society to act communally

Question 2

What should good public policy seek to do

Answer 2

Improve the overall welfare of society

1) Identify a social goal
2) Diagnose the problem
3) identify the appropriate institution for action
4) evaluate the substance and politics of competing policy options
5) implement, enforce, and monitor the policy change

Question 3

3 kinds of enterprises in modern economy

Answer 3

1) For Profit Firms
2) Non profit firms
3) Government

Question 4

One inherent challenge to public policy is:

Answer 4

Balancing individual freedom against the rights and welfare of the community

Question 5

Scarcity

Answer 5

There is a finite supply of everything worth having

-Price is the mechanism we use to ration goods/services

Question 6

Types of public policy uncertianties

Answer 6

• Scientific uncertainty
• Human unpredictability
• Deliberately hidden information
• The sheer complexity of life