Modern Economies In this lesson, students will identify characteristics of modern economies. Students will be able to define and/or identify the following.

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Presentation transcript:

Modern Economies In this lesson, students will identify characteristics of modern economies. Students will be able to define and/or identify the following concepts and terms: Mixed Economy Laissez-faire Free Enterprise

Just as this apple is not perfect, economic systems are not perfect. While a centrally planned economy has many problems, a free market economy is far from perfect.

A Mixed Economy A mixed economy combines elements of different economic systems to meet the needs of the society. While modern economies are mixed, every mixed economy is slightly different from every other mixed economy. Some nations lean more towards central planning with some private ownership while other nations are predominantly free market with limited government intervention.

The Chinese communists seized power in However, today, the Chinese embrace elements of the free market.

The Chinese communists realized that workers needed incentives or reasons for increasing productivity.

The United States is a mostly free market economy. However, the government does intervene in the market.

It is important to remember that many abuses occurred in a totally free market. Child labor is one example of this abuse.

Laissez-faire Laissez-faire was the belief that the government should not intervene in the market. It meant “let them do (as they please).” It allowed businesses to operate without any restrictions.

Without government intervention, warning labels would not exist.

Heroin could be purchased in your local supermarket.

Government intervention protects our environment and our lives.

Free Enterprise The United States’ economic system is called the Free Enterprise system. A Free Enterprise system is a mostly free market economy with limited government intervention. The government does intervene in the economy when it is in the public interest.

So, modern nations have mixed economies. However, like milkshakes, mixed economies are not mixed the same.

Questions for Reflection: Define a mixed economy. What problems are created by central planned economies? What problems are created by free market economies? Define Laissez-faire. What is the Free Enterprise system of the United States?