A nation strives to improve its standards of living. Chapter 2: Economic Systems Section 4. There is minimal, if any, economic freedom.
How a society answers these three questions defines the type of economic system that society has. C Examples DAVE BRAUNSCHWEIG Counting This program demonstrates While Do and For. Innovation plays a huge role in economic success as well. Because of specialization, markets are needed to give people an arena with which to sell their products and to buy products that they don't produce themselves but need. Every society answers the 3 basic economic questions based on its unique combination of values and goals. Slide 52 Copyright © Pearson Education, apter 2 Section 1 Circular Flow Model of a Mixed Economy. Economic systems worksheet answer key. Explain the rise of mixed economic systems. Slide 57 Copyright © Pearson Education, apter 2 Section 1 Government Intervention The American government intervenes in the economy by: –Keeping order –Providing vital services –Promoting general welfare Federal and state laws protect private property. Slide 32 Copyright © Pearson Education, apter 2 Section 1 The Customer is King in a Free Market Economy Customers have the power to decide what gets produced. For decision makers to understand multiple futures to frame decision making For. Slide 13 Copyright © Pearson Education, apter 2 Section 1 Economic Equity Economic equity is another economic goal that is defined differently in different societies.
Using resources widely and reducing waste. Slide 6 Copyright © Pearson Education, apter 2 Section 1 Three Economic Questions As a result of scarce resources, societies must answer three key economic questions: –What goods and services should be produced? Recent flashcard sets. In many cases, these communities lack modern conveniences and have a relatively low standard of living. Chapter 2 economic systems answer key strokes. Self-interest and competition work together to regulate the marketplace. Each choice comes with some kind of trade-off.
Slide 42 Copyright © Pearson Education, apter 2 Section 1 The Soviet Union The Soviet Union became the world's first communist state in 1917 and remained so until it broke up in –Soviet economic planners sought to build power and prestige and allocated the best land, labor, and capital to heavy industry. Self-Interest and Competition are absent However, command economies do guarantee jobs and income and can be used to jump-start selected industries. Slide 44 Copyright © Pearson Education, apter 2 Section 1 Disadvantages Nations with command economies often have trouble meeting the basic economic goals. Consumers would often wait in long lines at stores, only to discover that there was nothing to buy. Specialization leads to efficient use of land, labor, and capital. In a free market system, individuals and privately owned businesses own the factors of production.
Choices made by individuals determine what gets made, how it is made, and how much people can consume of the goods and services produced. The child cannot feel pain and can suffer injuries without even knowing it. This preview shows page 1 out of 1 page. Slide 35 Copyright © Pearson Education, apter 2 Section 1 Objectives scribe how a centrally planned economy is organized. Slide 36 Copyright © Pearson Education, apter 2 Section 1 Key Terms centrally planned economy: an economic system in which the government makes all decisions on the three key economic questions command economy: another name for a centrally planned economy socialism: a range of economic and political systems based on the belief that wealth should be distributed evenly throughout society. Economic Equity: The situation in an economy in which the apportionment of resources or goods among the people is considered fair. Slide 30 Copyright © Pearson Education, apter 2 Section 1 Competition –Firms seek to make higher profits by increasing sales. The government owns both land and capital. C. The child lacks the ability to react to a dangerous situation. Because of competition among other firms, however, increasing sales is not always possible. Some images used in this set are licensed under the Creative Commons through. A free market economy is characterized by: Self-interest Competition Economic freedom, efficiency, and equity. Slide 49 Copyright © Pearson Education, apter 2 Section 1 Introduction What are the characteristics of a mixed economy? Economic transition: a period of change in which a nation moves from one economic system to another privatization: the process of selling businesses or services operated by the government to individual investors, and then allowing them to compete in the marketplace free enterprise system: an economic system in which investments in firms are made in a free market by private decision rather than by state control.
Relationship between quantity supplied, quantity demanded and. Each society is guided by its economic system, which affects the way in which it does business within the society itself and with other societies. Course Hero member to access this document. They have a large degree of economic freedom. The inevitable cost of capitalism according to Marx was the exploitation of workers and an unfair distribution of wealth. Slide 3 Copyright © Pearson Education, apter 2 Section 1 Key Terms economic system: the structure of methods and principles that a society uses to produce and distribute goods and services factor payment: the income people receive in return for supplying factors of production profit: the amount of money a business receives in excess of expenses safety net: a set of government programs that protect people who face unfavorable economic conditions. Slide 5 Copyright © Pearson Education, apter 2 Section 1 Introduction What goals and values affect how a society answers the key economic questions?
Competition encourages innovation, which causes economic growth –They lend themselves to consumer sovereignty. Who consumes these goods and services? 27 Visit wwwwebdirectorycom for the Amazing Environmental Organization Web. 422. criteria His consideration of a ninth intelligencethe existentialis also The. Entify the advantages of a free market economy. Standard of living: level of economic prosperity innovation: the process of bringing new methods, products, or ideas into use traditional economy: an economic system that relies on habit, custom, or ritual to decide the three key economic questions. Slide 41 Copyright © Pearson Education, apter 2 Section 1 Communism –Under communism, the central government owns and controls all resources and means of production. Communism derived from the writings of Karl Marx who believed that labor was the source of all value but that under capitalism, all the profit created by laborers ended up in the hands of the property owners.
North Korea's economy is almost totally dominated by the government. Slide 15 Copyright © Pearson Education, apter 2 Section 1 Traditional Economies The oldest and simplest economic system is known as a traditional economy. A nation's economy must grow so it can provide jobs for the new people joining the workforce. Suppose a nuclear weapon contains I kilogram of tritium. According to Smith, consumers will respond to the positive incentive of lower prices by buying more goods because spending less money on a good lowers the opportunity cost of the purchase. Course Hero uses AI to attempt to automatically extract content from documents to surface to you and others so you can study better, e. g., in search results, to enrich docs, and more. Analyze the societal values that determine how a country answers the three economic questions. Command economies oppose: –Private property –Free market pricing –Competition –Consumer choice. Traditional economies are usually found in communities that tend to stay small and close. Slide 19 Copyright © Pearson Education, apter 2 Section 1 Key Terms market: any arrangement that allows buyers and sellers to exchange things specialization: the concentration of the productive efforts of individuals and businesses on a limited number of activities free market economy: an economic system in which decisions on the three key economic questions are based on the voluntary exchange in markets household: a person or group living in a single residence.
There is little room for innovation or change. The marketplace operates with a limited degree of government regulation. Analyze a circular flow model of a free market economy. In the United States, Americans face some limitations but, in general, we enjoy a large amount of economic freedom. Use your answer to explain why thermonuclear weapons require regular maintenance. Because resources are limited, each decision that a society makes about what to produce comes at an opportunity cost. Through factor payments, including profits, societies can determine who will be the consumers of the goods and services produced. Each society must decide how to divide its economic pie. If a child suffers from congenital analgesia, why must he or she be careful when outside playing? Foreign investment and free trade is encouraged –The banking industry operates under relatively few restrictions –Foreign-owned banks have few additional restrictions.
Tritium is a radioactive form of hydrogen (containing proton and neutrons) with a half-life of about years. Explain why markets exist. Slide 23 Copyright © Pearson Education, apter 2 Section 1 The Purpose of Markets Checkpoint: Why do markets exist? Slide 55 Copyright © Pearson Education, apter 2 Section 1 Hong Kong Hong Kong represents one of the world's freest markets. Communism: a political system in which the government owns and controls all resources and means of production and makes all economic decisions authoritarian: describing a form of government which limits individual freedoms and requires strict obedience from their citizens. The government: Provides national defense and public education Protects private property Ensures fair exchanges in the marketplace. Slide 50 Copyright © Pearson Education, apter 2 Section 1 The Rise of Free Markets Even free market thinkers like Adam Smith recognized the need for a limited degree of government involvement in the economic marketplace. Despite the advantages of a free market economy, no country today operates under a pure, unregulated free market. The government also controls where people work and what they are paid. Scribe the self-regulating nature of the marketplace. Entify the disadvantages of a centrally planned economy. Click to see the original works with their full license. All societies must prioritize their economic goals, or arrange them in order of importance.
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