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Being an Economically Smart Citizen

Learn about capitalism, incentives, and competition in market economy. Discover how government influences economic decisions and the importance of making wise choices as a consumer. Explore economic resources and factors of production.

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Being an Economically Smart Citizen

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  1. Being an Economically Smart Citizen

  2. Being an Economically Smart Citizen market I. Understanding Your Role in the Economy A. The U.S. has a ____________Economy 1. most economic decisions made by individuals looking out for _________________________. a. ____________ gov’t interference 2. is ____________ a. the ____________ you make as a consumer affects the products made and prices you pay for them. b. vice-versa, the products and prices ____________ affects your ___________. their own self-interests little participating choices offered choices p. 1

  3. Being an Economically Smart Citizen capitalism 3. is based on ____________ a. system in which citizens own most of the means of production. 4. is based on ____________ ____________ a. businesses compete for profit B. ____________ try to persuade people to make certain economic actions. C. ____________ forces businesses to produce quality products at low prices. free enterprise Incentives Competition p. 2

  4. Being an Economically Smart Citizen competitive services D. Role of gov’t 1. helps maintain ____________ markets. 2. provide ____________ private sector doesn’t. 3. use incentives to ____________ and ____________ people and businesses to take certain actions. II. Making Wise Choices A. ____________ Choice 1. choosing the ____________ that has the greatest value from a group of like-products. a. generates the ____________ value for a given expenditure. encourage discourage Rational alternative more bang for the buck greatest p. 3

  5. Economic Resources goods services outputs I. Producing ____________ and ____________ A. Economic ____________ includes goods and services. B. Four Factors of Production 1. ____________ resources. a. gifts of nature 2. ____________ resources a. labor (nation’s workforce) 3. ____________(goods) a. tools, machinery, and buildings used to make other products. 4. ____________ a. individuals who start businesses, introduce new products, and improve management techniques. Natural Human Capital Entrepreneurs p. 4

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