The Economy Ch. 2 Sec. 3 Pp. 41-43

The American Economy Economy – system for producing and distributing goods and services to fulfill people’s wants Consumer – uses goods and services Most people are both consumers and workers Market - where we exchange goods and services Price – what you pay for goods and services

American Economic Freedoms Buy and sell Compete Own property Choose an occupation Make a profit

America’s Economy and You Buyers and sellers meet face to face in stores We are workers and consumers Freedom is the cornerstone of our economy You have the freedom to make choices Rules of our economy based on idea of fairness

Questions Most people in our economy are both consumers and a. producers. b. workers. c. sellers. d. buyers.

Questions What value forms the cornerstone of the American economic system? a. justice b. profit c. freedom d. equality

Questions In our economic system, we can a. make a profit. b. own property. c. compete with others. d. all of the above

Questions A benefit of the American economy is that people can a. have any job they want. b. have lots of money. c. buy anything they want. d. pursue a chosen lifestyle.

Questions The American economic system is based on freedom and a. fairness. b. patriotism. c. exchange. d. diversity.