Mixed Economies Chapter 2 Lesson 3 (most countries in the world)

Socialism Gov’t provides basic needs for its people: Education Transportation and roads Health care Negative: Higher taxes https://www.forbes.com/sites/duncanmadden/2018/03/27/ranked-the-10-happiest-countries-in-the-world-in-2018/#3f85881273e9

Different names for the US economy A market economy may be referred to capitalist (where people own the 4 factors--with no gov’t involvement) **Mixed free enterprise** (some gov’t involvement)

5 characteristics of a Mixed Free Enterprise Economy 1. Economic Freedom Freedom to choose 2. Voluntary Exchange Buyers & sellers freely make transactions 3. Private Property Rights People may own and control their possessions as they wish Eminent Domain--the exception

4. Profit Motive 5. Competition Profit: better off at the end then at the beginning Profit motive: incentive for people to work harder 5. Competition Struggle among sellers to attract customers

4 Roles of Government 1. Protector 2. Provider & Consumer Enforces laws Like false advertising, unsafe food & goods etc. 2. Provider & Consumer --education, public services, defense, welfare, parks etc.

3. Regulator Preserves competition 4. Promoter of Goals national goals

Assignment You are going to write the Kahoot It questions for review. You must write 6 multiple choice questions: 2 on economic systems 2 on the goals of the US 2 on mixed economies. You must include answer choices for A B C and D.

Review Assignment Answer in complete sentences. Page 67 # 1, 2, 3, 4, 10, 11, 12 Page 68 #16 Page 95 # 3, 7