 Chapters 1 and 2 Test on Thursday (closed notes, etc) begin studying now.  There will be a FAFSA survey circulating around, please fill it before the.

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Presentation transcript:

 Chapters 1 and 2 Test on Thursday (closed notes, etc) begin studying now.  There will be a FAFSA survey circulating around, please fill it before the end of class.

 Why are private property, specialization, voluntary exchange, the price system, market competition, and entrepreneurship considered the pillars of free enterprise?  How does the Circular Flow of Money, Resources, and Products model describe a free enterprise economy?  Discuss pgs in study guide.  Tonight finish reading ch. 2 and complete pg. 16 in the study guide.

 Resources flow from households to businesses through the resource market.  Products flow from businesses to households through the product market.  Households receive income from businesses (their cost) through the resource market.  Businesses receive revenue from households (their expenditures) through the product market.

Economic definition of money:  Anything accepted as payment for goods and services

Functions of Money -Medium of Exchange -Store of Value -Measure of Value

Medium of Exchange  Trading money for a good or service  EXAMPLE: I buy a TV for $700.

Store of Value  Saving money for future use  Example: I put $700 under my mattress.

Goals of the U.S. Economic System  Arrange the following in order of importance: ◦ Full employment ◦ Economic growth ◦ Price stability ◦ Economic freedom ◦ Economic security ◦ Economic equity ◦ Efficiency See page 29!

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