1. Paper Airplane Challenge: A Market Economy

2. A Market Economy
an economic system in which private individuals own the factors of production and are free to make their own choices about production, distribution and consumption

3. Research and Development
work to create inventions or innovations in the structure and/or production of goods and services

4. Competition
the rivalry between two or more individuals or companies striving for the same thing
business compete for customers
workers compete for jobs

5. Profit Seeking
decisions are made in a market economy based on what is likely to produce the greatest profit

6. Advantages and Disadvantages
Competition
Increased quality
Money spent on research and development
Increased number of goods
DISADVANTAGES
Only people with resources can participate
Income gap