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