Economics

Economics-10-22-13 October 22, 2013 Download Chapter2Role of the Entrepreneur Appetizer: Which of the economic goals are the most important? Why? Please get out your papers from yesterday on economic systems and goals Main Course: Links and Stars Activity Review: What is a ? Market Economy Economic decisions are made by individuals and are based on exchange, or trade Choices made by individuals determine what gets made and how, as well as who consumes the goods and services produced Command Economy Aka centrally planned economy-the central government alone decides how to answer all 3 key economic questions A central authority is in command of the economy Mixed Economies Most modern economies are mixed Government plays a very limited role Features of American Free Enterprise System This is a balance of economic freedoms and government intervention. Some government intervention is desired to protect economic freedom and the public interest. Economic Freedom Right to choose an occupation; work wherever you can find a job Competition Producers have right to engage in rivalries to gain business Private Property Individuals and businesses have the right to buy and sell property Self-Interest Consumers and producers may make decisions on the basis of their own benefit Voluntary exchange Consumers and producers may freely buy and sell goods Profit Motive American free enterprise is driven by the desire for profit-powerful incentive Review goals: Pages 42-43-Summarize Role of Government by headings: Protecting property rights & contracts, providing public goods and services, redistributing income, promoting competition, resolving market failures, and effects of regulation and deregulation To be turned in: page 44 #1-3 and page 45 #1-3 October 22, 2013 in Economics, Economics Honors | Permalink | Comments (0) October 21, 2013 Economics-10-18 and 10-21-13 Download Copy of Economic Systems-staker Download Copy of Production Possibilities Curve October 21, 2013 Appetizer (Activator): EQ: What are the 3 economic questions asked by the 3 economic systems? What are economic goals? Main Course: Review on white boards the PPF or PPC illustration and what happens at various points on graph Notes on EQ (Activator) Classwork/HW: Production Possibilities Activity