1. The United States Economy

2. The United States Economy:
The United States Economy is a ___________ Economy.
mixed

3. The United States Economy:
In the United States, ________ ______________, ____________ and ______________ share economic decision making.
private
individuals
businesses
government

4. The United States Economy:
Markets (the buying and selling of goods and services) are generally allowed to operate without undue interference from the _____________.
government

5. The United States Economy:
Prices are determined by _________ and __________ as buyers and sellers interact in the marketplace.
supply
demand

6. PRICE

7. The United States Economy:
Private
Property
________ ________: Individuals and businesses have the right to own personal property as well as the means of production without undue interference from the government.

8. The United States Economy:
Profit
________: Earning after all expenses have been paid. Most people start businesses to earn a profit.

9. The United States Economy:
Competition
______________ Rivalry between producers and/or between sellers of a good or service. It usually results in ________ quality goods and services at ________ prices.
better
lower

10. The United States Economy:
Consumer
Sovereignty
____________ ______________: Consumers determine through purchases, what goods and services will be produced. Government involvement in the economy is _____. Most decisions regarding the production of goods and services are made in the ___________ sector.
low
private

11. Using your notes, complete the processing activity.

12. Markets Price Profit Private Property Competition Consumer Sovereignty
Divide your paper in ½ and illustrate 2 of the 6 characteristics of the United States Economy. Label each illustration and be sure to use color.