1. Economics Complete the following notes

2. _____________ is the s ystem for producing, distributing, and consuming goods and services. (The ways that goods and services are made available to ___________)

3. Economic Activities Agriculture – Cultivation of land, raising crops, and feeding, breeding, and raising livestock – __________________________ – Examples – crops, lumber, cattle Manufacturing – The making of ________________ or wares by manual labor or by machinery, especially on a large scale – Examples – cars, steel, chemicals ________________ Industry – An industry that produces services rather than goods. – Examples – teachers, transportation, banking, retail trade, entertainment, restaurants, doctors, lawyers, banking, and movie industry

4. Economic Activities Wholesale – The sale of goods in _____________ to retailers for resale – Examples – clothes, furniture, toys, small items for sale, paper goods in large quantities Retail – The sale of goods _____________ or in small quantities to consumers – Examples – clothing store, furniture store, goods sold to stores in the mall, items sold in a drugstore

5. Free Enterprise System Free Enterprise System: allows individuals to own businesses production is determined by consumers also called capitalism or free market system Example: The United States has a “______________” system.

6. Free Enterprise System Benefits of the Free Enterprise System _________ can lead to the invention of new innovative products Individuals can create and own __________ _________ is created for those who are successful in business Consumers have _____ in the market place and many products are available

7. Free Enterprise System Since _________ are central to the success of the free enterprise system, businesses are responsible for the production of goods and services that serve the best interests of the consumers Businesses practices should be conducted in a _______ and _______ manner

8. Socialism Socialism: an economic system in which the factors of production are owned by the public and operate for the welfare of all Example: The country of Norway has many “______” traits, even though it is a democracy.

9. Communism Communism: an economic system in which all means of production – land, mines, factories, railroads, and businesses – are owned by the people, private property does not exist, and all goods and services are shared equally Example: The country of Cuba has a system based on “___________”.