economics chapter 2 review economics in the news
TRANSCRIPT
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Economics Chapter 2 REVIEW
Economics in
the NEWS
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Economics Chapter 2 REVIEW Type of Economic System
Who answers the Basic Economic Questions Traditional
- Custom and tradition, the pastCommand
- Government officialsMarket
- Individuals
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Economics Chapter 2 REVIEW
Types of Mixed EconomiesAuthoritarian Socialism or CommunismCapitalismDemocratic Socialism
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Economics Chapter 2 REVIEW Extent of Government Involvement in the EconomyAuthoritarian Socialism or Communism
Government owns and controls nearly all the factors of production
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Economics Chapter 2 REVIEW Extent of Government Involvement in the EconomyCapitalism
Government involvement is fairly limited
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Economics Chapter 2 REVIEW Extent of Government Involvement in the EconomyDemocratic socialism
Government ownership is limited to key industries
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Economics Chapter 2 REVIEW5 Features of the U.S. free-enterprise system
• Own private property and enter into contracts
• Make individual choices• Engage in economic competition• Make decisions based on self-interest and • Participate in the economy with limited
government involvement and regulations-
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Economics Chapter 2 REVIEWFive Features of the US free- enterprise system
• private property and contracts: Individuals and businesses have the right to own goods: individuals and businesses may enter into contracts
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Economics Chapter 2 REVIEWFive main Features of the US free- enterprise system
• individual choices: individuals have freedom of choice in making economic decisions
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Economics Chapter 2 REVIEWFive main Features of the US free- enterprise system
• Competition: economic rivalry among businesses selling the same or similar products
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Economics Chapter 2 REVIEWFive main Features of the US free- enterprise system
• self-interest: producers and consumers make economic choices for their own benefit
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Economics Chapter 2 REVIEWFive main Features of the US free- enterprise system
• limited government involvement and regulations: most economic decisions are made by individuals, not the government
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Economics Chapter 2 REVIEWTypes of Exchanges between
• Households and government – • households provide resources
to government for income; • Households pay taxes to
government for services
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Economics Chapter 2 REVIEWTypes of Exchanges between
• Households and Businesses • households provide
resources to businesses for income;
• Households pay businesses for products.
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Economics Chapter 2 REVIEWTypes of Exchanges between
• Businesses and Government – • Businesses provide products to
government for money payments: Businesses pay government for services in the form of taxes.
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Economics Chapter 2 REVIEWTypes of Exchanges between
• Businesses and Government • Businesses provide products
to government for money payments:
• businesses pay TAXES – the government for services.
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Economics Vocabulary Chapter 2-3
Name the US Economic Goals
1. Maintaining freedom of choice
- Economic Freedom
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Economics Vocabulary Chapter 2-3
Name the US Economic Goals
2. Making the best use of scarce resources - Economic Efficiency
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Economics Vocabulary Chapter 2-3
Name the US Economic Goals
3. Ensuring economic justice - Economic Equity
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Economics Vocabulary Chapter 2-3
Name the US Economic Goals
4. Ensuring people’s economic well-being -Economic Security
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Economics Vocabulary Chapter 2-3
Name the US Economic Goals
5. Achieving full employment and stable prices - Economic Stability
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Economics Vocabulary Chapter 2-3
Name the US Economic Goals
6. Increasing the amount of goods and services produced by each worker – Economic Growth