1. Mixed Economies Chapter 2 Lesson 3
(most countries in the world)

2. Socialism Gov’t provides basic needs for its people: Education
Transportation and roads
Health care
Negative:
Higher taxes

3. Different names for the US economy
A market economy may be referred to capitalist (where people own the 4 factors--with no gov’t involvement)
**Mixed free enterprise** (some gov’t involvement)

4. 5 characteristics of a Mixed Free Enterprise Economy
1. Economic Freedom
Freedom to choose
2. Voluntary Exchange
Buyers & sellers freely make transactions
3. Private Property Rights
People may own and control their possessions as they wish
Eminent Domain--the exception

5. 4. Profit Motive 5. Competition
Profit: better off at the end then at the beginning
Profit motive: incentive for people to work harder
5. Competition
Struggle among sellers to attract customers

6. 4 Roles of Government 1. Protector 2. Provider & Consumer
Enforces laws
Like false advertising, unsafe food & goods etc.
2. Provider & Consumer
--education, public services, defense, welfare, parks etc.

7. 3. Regulator
Preserves competition
4. Promoter of Goals
national goals

8. Assignment You are going to write the Kahoot It questions for review.
You must write 6 multiple choice questions:
2 on economic systems
2 on the goals of the US
2 on mixed economies.
You must include answer choices for A B C and D.

9. Review Assignment Answer in complete sentences. Page 67
# 1, 2, 3, 4, 10, 11, 12
Page 68
#16
Page 95
# 3, 7