What Are the Five Major Functions Provided by All Governments

question 46

Essay

What are the five major functions provided by all governments? Give one example each of how these functions are performed in the United States.

---

Definitions:

Resource

An economic or productive factor required to accomplish an activity, or as a means to undertake an enterprise and achieve desired outcome.

Marginal Revenue Product

The additional revenue generated by employing one more unit of a resource, such as labor.

Productivity

The measure of efficiency in converting inputs into useful outputs in production.

Input Demand Curves

Graphical representations that show the quantity of inputs a firm demands at different input prices.