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Mixed Economies Chapter 2 Lesson 3

Learn about socialism, mixed free enterprise, and the roles of the government in a mixed economy. Explore economic freedom, profit motive, competition, and government roles like protector and promoter of national goals.

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Mixed Economies Chapter 2 Lesson 3

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  1. Mixed EconomiesChapter 2 Lesson 3 (most countries in the world)

  2. Socialism • Gov’t provides basic needs for its people: • Education • Transportation and roads • Health care • Negative: • Higher taxes

  3. Different names for the US economy • A market economy may be referred to capitalist(where people own the 4 factors) • **Mixed free enterprise** (some gov’t involvement)

  4. 5 characteristics of a Modified Free Enterprise Economy • 1. Economic Freedom • Freedom to choose • 2. Voluntary Exchange • Buyers & sellers freely make transactions • 3. Private Property Rights • People may own and control their possessions as they wish

  5. 4. Profit Motive • Profit: better off at the end then at the beginning • Profit motive: incentive for people to work harder • 5. Competition • Struggle among sellers to attract customers

  6. 4 Roles of Government • 1. Protector • Enforces laws • Like false advertising, unsafe food & goods etc. • 2. Provider and Consumer --education, public services, defense, welfare, parks etc.

  7. 3. Regulator • Preserves competition • 4. Promoter of National Goals • 8national goals

  8. Review Assignment Please write out the question and answer. Page 67 # 1, 2, 3, 10, 11, 12 Page 95 # 3, 7

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