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COPY : Figure 2.2 Economic Goals

Chapter 2 “Economic Systems” (pp. 22) Section 1 “Answering the Three Economic Questions” PREVIEW OBJECTIVES (pp. 23).

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COPY : Figure 2.2 Economic Goals

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  1. Chapter2“Economic Systems”(pp. 22)Section1“Answering the Three Economic Questions”PREVIEW OBJECTIVES(pp. 23) Identify the three economic questions of: 1). What goods ______________________________________________________________? 2).How _______________________________should________________________________? 3).Who consumes ___________________________________________________________? Analyze the societal values _______________ ______________________________________

  2. COPY: Figure 2.2 Economic Goals • Economic Efficiency __________________________ ___________________________________________ • Economic Freedom ___________________________ ___________________________________________ • Economic Security and Predictability ____________ ___________________________________________ • Economic Equity _____________________________ ___________________________________________ • Economic Growth and Innovation _______________ ___________________________________________ • Other Goals ________________________________ ___________________________________________

  3. 3. Explainthe characteristics of Traditional, Command, Market, and Mixed economies - and Describe the societal values that influence them. SectionFocus:All societies must answer the three key economic questions about the _______________ & ________________ of _____________ & __________. How a society answers these questions depends on how much it values____________________goals. Four different economic systems have developed in response to these three questions.

  4. KEY TERMS: • Economic system:____________________________ • Factor payments: ____________________________ • Patriotism: _________________________________ • Safety net: _________________________________ • Standard of living: ___________________________ • Traditional economy: ________________________ • Market economy: ___________________________ • Centrally planned economy: ___________________ • Command economy: _________________________ • Mixed economy: ____________________________

  5. Quick Write For ½ page write on the following topic: “You and your friends decide to earn money by washing cars. How are the three economic questions answered in this market? • What goods and services should be produced? • How should these goods and services be produced? • Who consumes these goods and services?

  6. Section2“The Free Market” PREVIEW OBJECTIVES(pp. 28) • Explain - __________________________________________ • Copy and Analyze the figure “Circular Flow Model of a Market Economy” • Understand- _________________________________________________ • Identify - _________________________________________ KEY TERMS: • Market: • Specialization: • Household:

  7. KEY TERMS (CONTINUED) • Firm:Factor: • Factor market: • Profit: • Product market: • Self-interest: • Incentive: • Competition: • “Invisible Hand”: • Consumer sovereignty:

  8. Section3“Centrally Planned Economies” PREVIEW OBJECTIVES(pp. 34) • Describe– • Analyze – • Identify – SECTION FOCUS: In a centrally planned, or command… KEY TERMS: • Socialism: • Communism: • Authoritarian: • Collective: • Heavy industry:

  9. Section4“Modern Economies” PREVIEW OBJECTIVES(pp. 40) • Explain: • Interpret: • Compare: the mixed economies of various nations along a continuum between centrally planned and free market systems. • Understand the role of free enterprise in the economy of the United States. SECTION FOCUS: It is doubtful that any nation can exist successfully under a pure centrally planned economy or a pure market economy. Most modern economies mix features of both systems. The economy of the United States is based on the principles of the free market.

  10. KEY TERMS: • Laissez faire: • Private property: • Free enterprise: • Continuum: • Transition: • Privatize: Copy Fig. 2.4 “Circular Flow Model of a Mixed Economy” (pp. 42) Copy Fig. 2.5 “Continuum of Mixed Economies”(pp. 43)

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