Economics Chapter 2 Review.

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Presentation transcript:

Economics Chapter 2 Review

Concepts Who was Adam Smith? What is ‘laissez faire’? What type of economic structure would he want? Why? What does specialization do for the economy? What is ‘laissez faire’? 3 Basic Economic Questions How does the product market work in a market economy?

Concepts Economic Systems-Characteristics Market Command Traditional Purpose/Role of Government in Command Economy Traditional Economy Market Economy Mixed Economy

Concepts Free Enterprise Economy Decision Makers in Economies What does it mean? Decision Makers in Economies Seven Economic and Social Goals What they are? Characteristics Resolving trade-offs between goals.

Concepts Characteristics of a Free Enterprise System Economic Freedom Voluntary Exchange Private Property Rights Profit Motive Competition

Concepts Role of Government in a Free Enterprise Economy Protector Provider Regulator Consumer

Visual Summary Page 55

Visual Summary Page 55

Visual Summary Page 55

Essay Questions Why wouldn’t a “completely free market” economy (no government involvement) be practical for any major country? Provide examples to support your answer.

Essay Questions Given the reading, how would President Ronald Reagan react to the idea of giving government sponsored help for the unemployed?

Essay Questions List, describe, and give examples of the characteristics found in a free enterprise economy.

Essay Questions Based on the reading, what are the potential trade offs for increasing the federal minimum wage?