Economic Systems Ch 2-3 Notes

Vocabulary Define and use these terms in completing your notes: Economic Equity Economic System Traditional Economy Command Economy Market Economy Factor Payment Mixed Economy Free Enterprise System

Reading Notes (Answer these questions to create notes from reading the chapter) For each of the three fundamental economic questions, explain why it’s important for society to answer that question. Rank the six economic goals from most important to least important. Write a one or two sentence justification of your rankings.

Comparing Economic Systems Symbol Key Features Goals Traditional Economy Command Market Mixed Make a table in your notebook. Create a symbol to represent each system and record the key features of that system and the goals it emphasizes.

3. What are the three roles of government in a mixed economy 3. What are the three roles of government in a mixed economy? For each role, explain how you feel about this involvement as positive or negative, and why? 4. Create a ranking (0-free, 1-mostly free, 2-moderately free, 3-mostly unfree, 4-repressed) system for four or five countries mentioned in Ch 2 Sec 4. Explain why you ranked each country where you did.

Ch 3- American Free Enterprise List the seven key characteristics of the American Free Enterprise system. Write a sentence explaining each characteristic. Also, give one example of where you have seen this characteristic in our country.