2. The American Economy

4. The Five Economic Freedoms

5. Freedom to buy and sell You have the freedom to charge whatever price you think you can get for a product Having a wide variety of goods and services available helps keep America strong.

6. Freedom to Compete You have the freedom to sell your good or service against other goods and services You will compete against other sellers Competition promotes innovation and improvements in products

7. Freedom to earn a profit Profits encourage people to produce goods and services. People want to make money

8. The Freedom to own property You have the right to own property until you choose to sell it. You can buy and sell as you wish.

9. Freedom to Choose an Occupation You can choose what ever career that interests you

10. Let’s Review Free to buy and sell Free to compete Free to earn a profit Freedom to own property Freedom to choose an occupation What are the five economic freedoms?

11. Forms of Government

12. Government Meets society’s needs by: Keep the peace Protect the country Provide services Maintaining the other institution

13. Three types of Government

14. Monarchy Form of gov’t all or most of power is in hands of individual Power passed down from generation to generation King George III

15. Examples of Monarchies in the World Saudi Arabia England Kings, Queens,monarch

16. Dictatorship Gov’t controlled by ONE person Power taken by FORCE

17. Examples of Dictators Dictator Saddam Hussein in Iraq Hitler in Germany

18. Democracy System of gov’t power is shared by all the people People choose or elect their leaders to represent them

19. Examples of Democracy United States President

20. Review Government What are the three forms of government? Monarchy Dictatorship Democracy