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AGENDA May 10, 2011

AGENDA May 10, 2011. Today’s topics: Taking Care of Each Other / Review Going Fishing Glossary: Property Rights, Market Economy, Command Economy, Mixed Economy Administrative : Stamps: Glossary terms through & including “Free-Rider Problem ” Homework due Wednesday, May 11:

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AGENDA May 10, 2011

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  1. AGENDAMay 10, 2011 Today’s topics: Taking Care of Each Other / Review Going Fishing Glossary: Property Rights, Market Economy, Command Economy, Mixed Economy Administrative: Stamps: Glossary terms through & including “Free-Rider Problem” Homework due Wednesday, May 11: Complete: Characteristics of a Market Economy handout

  2. Taking Care of Each Other Our last CR-Economics class: • Glossary: The Free-Rider Problem • Externalities • Masterpiece Theater: Life on Dismal Lake

  3. What is a Market Economy?

  4. Basic Characteristicsof a Market Economy • Private Property • Free Enterprise • Self-Interest • Competition • System of Markets and Prices • Limited Government

  5. Welcome back toDISMAL LAKE

  6. Glossary Property Rights: Individual ownership and control of resources and products; a fundamental characteristic of a market economy Market Economy: Economic system in which individuals/private businesses decide what they will buy/produce in a free market Command Economy: Economic system in which the government determines what is produced and in what amount Mixed Economy: Economic system in which both individuals and government determine what is produced and in what amount

  7. Partner Work The room is quiet You are at your table Materials are out and task is being actively worked on

  8. Homework Before you leave • Put tables back & chairs up • Stamps for Glossary terms • Turn in: • Role of Government in a Market Economy • Life on Dismal Lake Homework due Wednesday, May 11: • Complete: Characteristics of a Market Economy handout

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