Transcript Economics
Economics
Chapter 2 Review
Vocabulary/Terms
Free
Enterprise
Social Security
Profit
Consumer Sovereignty
Socialism
Competition
Vocabulary/Terms
Modified
Inflation
Market
Free Enterprise Economy
Economy
Traditional Economy
Economic
Concepts
Systems-Characteristics
Market
Command
Traditional
Purpose/Role
of Government in
Command Economy
Traditional Economy
Market Economy
Mixed Economy
Concepts
Free
Enterprise Economy
Decision Makers in Economies
Seven Economic and Social Goals
What
they are?
Characteristics
Resolving trade-offs between goals.
Concepts
Characteristics
Economic
of a Free Enterprise System
Freedom
Voluntary Exchange
Private Property Rights
Profit Motive
Competition
Concepts
Role
of the Entrepreneur
Role of the Consumer
Role of Government
Protector
Provider
Regulator
Consumer
Modified
Free Enterprise System
Visual Summary
Page 55
Visual Summary
Page 55
Visual Summary
Page 55
Essay Questions
Compare a command economy to a
traditional economy. List and
describe one strength and one
weakness of each. State how each
type of economy satisfies the wants
and needs of individuals. What type
of economy does the U.S. have?
Why?
Essay Questions
Compare a command economy to a
market economy. List and describe
one strength and one weakness of
each. State how each type of
economy satisfies the wants and
needs of individuals. What type of
economy does the U.S. have? Why?
Essay Questions
List, describe, and give examples of
the characteristics found in a free
enterprise economy.
Essay Questions
Explain
how someone would be
considered an entrepreneur. How would
Adam Smith describe the actions and
behaviors of an entrepreneur?
Questions/Homework??
Page
21,
56 – 57
23, 25, 26, 28, 35