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Economics: Chapter 2: Economic Systems and Decision Making

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Economics: Chapter 2: Economic Systems and Decision Making Chapter 2: Economic Systems and Decision Making An Economic System is a set of rules that govern WHAT goods ... – PowerPoint PPT presentation

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Title: Economics: Chapter 2: Economic Systems and Decision Making


1
Economics Chapter 2Economic Systems and
Decision Making
2
Chapter 2 Economic Systems and Decision Making
  • An Economic System is a set of rules that govern
    WHAT goods and services to produce, HOW to
    produce them, and for WHOM they are produced.

3
Chapter 2 Economic Systems and Decision Making
Economic Systems
4
Chapter 2 Economic Systems and Decision Making
5
Chapter 2 Economic Systems and Decision Making
6
Chapter 2 Economic Systems and Decision Making
  • Evaluating Economic Performance
  • The social and economic goals of U.S. society
    includes
  • Economic Freedom
  • Economic Efficiency
  • Economic Equity
  • Economic Security
  • Full Employment
  • Price Stability
  • Economic Growth

7
Chapter 2 Economic Systems and Decision Making
  • When goals conflict, society evaluates the costs
    and benefits of each in order to promote one goal
    over another many election issues reflect these
    conflicts and choices.
  • Peoples goals are likely to change in the
    future, as our economy evolves.

8
Chapter 2 Economic Systems and Decision Making
  • Capitalism and Economic Freedom
  • Capitalism is a competitive economic system in
    which private citizens own the factors of
    production.

9
Chapter 2 Economic Systems and Decision Making
  • 5 Characteristics of Capitalism (Free Enterprise)
    System
  • 1. Economic Freedom
  • 2. Voluntary Exchange
  • 3. Private Property Rights
  • 4. Profit Motive
  • 5. Competition

10
Chapter 2 Economic Systems and Decision Making
  • The entrepreneur is the individual who organizes
    land, capital, and labor for production in hopes
    of earning a profit. The profit motive is the
    driving force in capitalism.
  • In Capitalism, firms are in business to make a
    profit. To do this they must offer products
    consumers want at competitive prices.

11
Chapter 2 Economic Systems and Decision Making
  • Consumer Sovereignty states that the consumer is
    the one who decides WHAT goods and services to
    produce.
  • The national government plays the role of
    protector, provider, and consumer, regulator, and
    promoter of economic goals.
  • The U.S. has a mixed economy or a modified
    private enterprise economy, in which its citizens
    carry on their economic affairs freely but are
    subject to some government intervention and
    regulation.

12
Chapter 2 Economic Systems and Decision Making
  • The End
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