JA Economics Chapter 2.

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Presentation transcript:

JA Economics Chapter 2

Free Enterprise Page 16 Free to make choices Make the choice they believe offer them the most benefits Gets it’s strength and support from 6 pillars

Page 17 FREE enterprise Private Property

Page 17 Private Property Resource/product owned by individuals or businesses Protected by the U.S. constitution Businesses have an incentive to maintain their property

Page 17 FREE enterprise Private Property Specialization

Specialization Page 17 Businesses and people One product or a few parts of one product Contributes to higher wages and profits

FREE enterprise Private Property Specialization Page 18 Voluntary exchange Specialization

Voluntary Exchange Page 18 Because of specialization No one person or business makes one entire product Everyone is dependent on other people

FREE enterprise Private Property The Price System Specialization Page 18 FREE enterprise Private Property Voluntary exchange The Price System Specialization

Page 18-19 The Price System Buyers and sellers look towards the price to send them a message Provides incentives Businesses have a desire to make a profit

Page 18-19 The Price System Price doesn’t determine all economic behavior Values Charity Opportunity Convenience, service, loyalty, quality etc

FREE enterprise Private Property The Price System Specialization Page 16 FREE enterprise Market competition Private Property Voluntary exchange The Price System Specialization

Page 20 Market Competition Define Market Resources Products Scarcity

FREE enterprise entrepreneurship Private Property The Price System Page 16 FREE enterprise Market competition Private Property Voluntary exchange entrepreneurship The Price System Specialization

Entrepreneurship Page 21 Helps the economy grow and change Three characteristics of an entrepreneur Innovative thinking Management skills Risk taker Page 15 in the study guide

Economic Systems Page 22 Market system (free enterprise) Command system Traditional system Mixed – no pure form

Economic Models Page 23 Represent the real world Descriptive, predictive and ideal Want-satisfaction chain in chapter 1 The circular flow of money, resources and products.

Goods and Services Market G & S Goods and Services households Production Resources Market Resources Resources

Circular flow of money How it grows How it shrinks

Adam Smith Born in Scotland in 1723 University of Glasgow at age 14 Economy evolved People traded with once another

Adam Smith Born in Scotland in 1723 University of Glasgow at age 14 Economy evolved People traded with once another