1. Thursday, September 10, 2015
Objective:  Students will be able to compare the free enterprise system, socialism, and communism using the basic characteristics of economic systems.
Purpose: Knowing how an economic system operates will help each of you perform certain roles effectively and how they impact others.

2. Reasons for Mixed Economies
some needs of modern society would be difficult to meet in the marketplace (building of highways, national defense)
governments supply some needs in order to achieve the goal of equity and ensure that all members of society can benefit
governments need to set rules so groups and individuals are not taken advantage of

3. Characteristics of a Mixed Economy
Strong regulations and oversight
Welfare system
Regulations are in place to protect consumers
Essential industries (healthcare, utilities, transportation) are owned by the government

6. The American Economy
The American government keeps order, provides vital services, and promotes the general welfare
The marketplace operates with a limited degree of government regulation and some limits government places on business use of private property

7. Role of Government in Our Economy
Some Americans want greater regulation of employment practices to protect workers or of business processes to protect consumers or the environment
Other Americans call for relaxation of existing regulations, arguing that government rules drive up the operating and administrative costs of businesses, making them less efficient and less competitive

9. Summary Questions Why do mixed economies exist?
What are some of examples of roles the government plays in the circular flow model?
How is our economy an example of a mixed economy?
What do the American people generally think about our mixed economy?