Economics Chapter 2 REVIEW

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Presentation transcript:

Economics Chapter 2 REVIEW in the NEWS

Economics Chapter 2 REVIEW Type of Economic System Who answers the Basic Economic Questions Traditional - Custom and tradition, the past Command - Government officials Market - Individuals

Economics Chapter 2 REVIEW Types of Mixed Economies Authoritarian Socialism or Communism Capitalism Democratic Socialism

Economics Chapter 2 REVIEW Extent of Government Involvement in the Economy Authoritarian Socialism or Communism Government owns and controls nearly all the factors of production

Economics Chapter 2 REVIEW Extent of Government Involvement in the Economy Capitalism Government involvement is fairly limited

Economics Chapter 2 REVIEW Extent of Government Involvement in the Economy Democratic socialism Government ownership is limited to key industries

Economics Chapter 2 REVIEW 5 Features of the U.S. free-enterprise system Own private property and enter into contracts Make individual choices Engage in economic competition Make decisions based on self-interest and Participate in the economy with limited government involvement and regulations-

Economics Chapter 2 REVIEW Five Features of the US free- enterprise system private property and contracts: Individuals and businesses have the right to own goods: individuals and businesses may enter into contracts

Economics Chapter 2 REVIEW Five main Features of the US free- enterprise system individual choices: individuals have freedom of choice in making economic decisions

Economics Chapter 2 REVIEW Five main Features of the US free- enterprise system Competition: economic rivalry among businesses selling the same or similar products

Economics Chapter 2 REVIEW Five main Features of the US free- enterprise system self-interest: producers and consumers make economic choices for their own benefit

Economics Chapter 2 REVIEW Five main Features of the US free- enterprise system limited government involvement and regulations: most economic decisions are made by individuals, not the government

Economics Chapter 2 REVIEW Types of Exchanges between Households and government – households provide resources to government for income; Households pay taxes to government for services

Economics Chapter 2 REVIEW Types of Exchanges between Households and Businesses households provide resources to businesses for income; Households pay businesses for products.

Economics Chapter 2 REVIEW Types of Exchanges between Businesses and Government – Businesses provide products to government for money payments: Businesses pay government for services in the form of taxes.

Economics Chapter 2 REVIEW Types of Exchanges between Businesses and Government Businesses provide products to government for money payments: businesses pay TAXES – the government for services.

Economics Vocabulary Chapter 2-3 Name the US Economic Goals Maintaining freedom of choice - Economic Freedom

Economics Vocabulary Chapter 2-3 Name the US Economic Goals 2. Making the best use of scarce resources - Economic Efficiency

Economics Vocabulary Chapter 2-3 Name the US Economic Goals 3. Ensuring economic justice - Economic Equity

Economics Vocabulary Chapter 2-3 Name the US Economic Goals 4. Ensuring people’s economic well-being -Economic Security

Economics Vocabulary Chapter 2-3 Name the US Economic Goals 5. Achieving full employment and stable prices - Economic Stability

Economics Vocabulary Chapter 2-3 Name the US Economic Goals 6. Increasing the amount of goods and services produced by each worker – Economic Growth

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