Chapter 3 Vocabulary Quiz Review Economics

Slides:



Advertisements
Similar presentations
Capitalism and Free Enterprise
Advertisements

Evaluating Economic Performance
Economic Systems and Decision Making
Capitalism and Free Enterprise
Splash Screen 2 Section 3-2 Key Terms –free enterprise –voluntary exchange –private property rights –profit –profit motive –competition –consumer sovereignty.
ECONOMIC SYSTEMS. Types of Systems Traditional Economies- the allocation of scarce resources comes from ritual, habit, or custom Command Economies- a.
Economics Chapter 2 Economic Systems.
Economic Systems and Decision Making
Economic Systems & Decision Making
Chapter 19.3 Capitalism and Free Enterprise. Features of Capitalism The U.S. economy is built on capitalism and free enterprise. Capitalism is an economic.
Economic Systems Traditional Command Market Description Advantages
Term 1 Economic system: An organized way of providing for the wants and needs of a countries people.
Economics: Chapter 2: Economic Systems and Decision Making
Capitalism and Free Enterprise
 A market economy is based on capitalism, a system in which private citizens own the factors of production.  Capitalism thrives on competition, the.
Capitalism and Free Enterprise The United States has a free enterprise system, or a capitalist, system.
Capitalism and Economic Freedom.  A. Capitalism is a market economy in which private citizens own the factors of production. In a free enterprise system,
Economic System and Decision Making Chapter 2. TRADITIONAL Allocation of scarce resources, and nearly all other economic activity, stems from ritual,
Capitalism and Free Enterprise. What is capitalism? The United States’economic system in which private citizens own & use the factors of production to.
Capitalism Chapter 19 Lesson 3. Capitalism System where private citizens own and use the factors of production in order to seek a profit.
Capitalism and Free Enterprise Market economy is based on capitalism – Capitalism thrives on competition – Free enterprise is another term to describe.
Economic and Social Goals of the United States Benchmarks- did the system meet the needs of the people?
Capitalism & Economic Freedom Under capitalism, the basic economic decisions are made through the free interaction of individuals looking out for their.
Chapter 2 Section 1 Economic Systems. 2 I. Describe the characteristics of the traditional economy. A. Economic System – An organized way of providing.
Evaluating Economic Performance and Capitalism Chapter 2.
Capitalism.
Economics. What resources were used to produce this car?
The American Free Enterprise System
Capitalism. A market economy is normally based on a system of capitalism, where private citizens, many of whom are entrepreneurs, own the factors of production.
Economics CHAPTER 2 economic systems and decision making REVIEW GAME.
The MIXED economy. Objectives:  Identify key terms that describe capitalism and mixed economies  Describe the role of the government in a free enterprise.
$100 $400 $300 $200 $400 $200 $100$100 $400 $200$200 $500$500 $300 $200 $500 $100 $300 $100 $300 $500 $300 $400$400 $500.
Chapter 2.3 Capitalism and Economic Freedom Objective: To explore the characteristics of a free enterprise system Objective: To explore the characteristics.
Ch.2 S.3 Main Idea: Under capitalism, the basic economic decisions are made through the free interaction of individuals looking out for their own best.
CAPITALISM, FREE ENTERPRISE, & MARKET ECONOMY. What is Capitalism?  The United States was built largely on free markets and private ownership called.
Characteristics of Free Enterprise Capitalism
The American Free Enterprise System Chapter 3 Capitalism A market economy is based on capitalism, a system in which private citizens own the factors.
Economics: Chapter 2: Economic Systems and Decision Making.
Characteristics of Free Enterprise Capitalism
American Free Enterprise
The Fundamental Economic Problem
Chapter 2 Sec 2 Evaluating Economic Performance
Capitalism and Economic Freedom
Chapter 19 The American Economy.
Bell Activity Think of a product that you use that was developed or modified as a result of some change in the marketplace. Would this product have been.
II. Evaluating Economic Performance
Capitalism and Economic Freedom Day 2
Answer in your Notebook
Capitalism , Free Enterprise, & Market Economy
Unit 1 test prep! Chapter 1,2,3,8.
American Free Enterprise
Economic Systems & Decision Making
Economic Systems Capitalism - An economic system based on the “Survival of the fittest”. Socialism – An economic system based on “You get your share no.
Economics – Chapter 2, Section 3
Essential Question: How is the role of government determined in the American free enterprise system?
Chapter 3 Quiz Review Economics
Ch. 2 Section 3 Notes: American Free Enterprise
Chapter 3 : Lesson 3 Evaluating Economic Performance
Chapter 3 : Lesson 1 The American Free Enterprise System
Chapter 2.3 notes.
$100 $100 $100 $100 $100 $200 $200 $200 $200 $200 $300 $300 $300 $300 $300 $400 $400 $400 $400 $400 $500 $500 $500 $500 $500.
Chapter 2.3 Capitalism and Economic Freedom
The United States Economic System
Economic Systems & Decision Making
US Capitalism Macdonald Economics.
Economic Systems and Decision Making
ECONOMIC SYSTEMS & DECISION MAKING (PART THREE)
Mixed Economies Chapter 2 Lesson 3
Capitalism & Free enterprise
Economic Systems and Decision Making
Presentation transcript:

Chapter 3 Vocabulary Quiz Review Economics

# 1. A federal program of disability and retirement # 1 A federal program of disability and retirement benefits that covers most working people. Social Security

# 2. The energy for these is derived from renewable # 2 The energy for these is derived from renewable plant and animal materials, vegetable oils, and municipal and industrial wastes.  Biofuels

# 3. This started in December of 2007 and lasted until. mid-2009 # 3 This started in December of 2007 and lasted until mid-2009. During this 18-month period, the nation’s Gross Domestic Product actually shrank about 4.5 to 5 percent! Great Recession

Mixed Economy or Modified Free Enterprise Economy # 4 Here people and businesses carry on their economic affairs freely, but they are subject to some government intervention and regulation. Mixed Economy or Modified Free Enterprise Economy

# 5 This recognizes the role individual people as ruler of the market. The phrase “the customer is always right” reflects this power. Consumer Sovereignty

# 6. A federal health insurance program for senior # 6 A federal health insurance program for senior citizens, regardless of income. Medicare

# 7. Resources are privately owned, and competition is # 7 Resources are privately owned, and competition is allowed to flourish with a minimum of government interference. Free Enterprise

# 8 The lowest legal wage that can be paid to most workers. Minimum Wage

# 9. The struggle among sellers to attract consumers # 9 The struggle among sellers to attract consumers with the best products at the lowest prices.  Competition

# 10. The act of buyers and sellers freely and # 10 The act of buyers and sellers freely and willingly engaging in market transactions. Voluntary Exchange

# 11 This does not increase over time, even though prices do. Fixed Income

# 12. The person who organizes and manages the # 12 The person who organizes and manages the land, capital, and labor in order to seek the reward called profit. Entrepreneurs

Private Property Rights # 13 These allow people to own and control their possessions as they wish. Private Property Rights

#14. The extent to which revenue from sales exceeds #14 The extent to which revenue from sales exceeds the full opportunity cost of the resources involved in producing the products sold.  Profit

# 15. A rise in the general level of prices occurs, # 15 A rise in the general level of prices occurs, workers need more money to pay for food, clothing, and shelter. Inflation

#16. The incentive to improve material well-being is #16 The incentive to improve material well-being is largely responsible for the growth of a free enterprise system. Profit Motive