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