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Economic Systems

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CHAPTER 2 Economic Systems SECTION 1: Types of Economic Systems SECTION 2: Features of the U.S. Economy SECTION 3: The U.S. Economy at Work Objectives: How are the ... – PowerPoint PPT presentation

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Title: Economic Systems


1
Economic Systems
CHAPTER 2
  • SECTION 1 Types of Economic Systems
  • SECTION 2 Features of the U.S. Economy
  • SECTION 3 The U.S. Economy at Work

2
Objectives
SECTION 1
Types of Economic Systems
  • How are the three basic economic questions
    answered in traditional, command, and market
    economies?
  • What are the roles of self-interest and
    incentives in a market economy?
  • What types of mixed economies exist today?

3
How the three basic economic questions are
answered in various economies
SECTION 1
Types of Economic Systems
  • Traditional economy
  • what to produce determined by tradition
  • how to produce determined by custom
  • for whom to produce determined by the number of
    members in the society
  • Command economyanswers to all questions
    determined by government officials
  • Market economyanswers to all questions
    determined by individuals

4
Roles of self-interest and incentives in a market
economy
SECTION 1
Types of Economic Systems
  • Self-interest drives people to fulfill their
    needs and wants and helps the market grow.
  • Incentives help people decide which economic
    choices are in their self-interest.

5
Types of mixed economies currently in existence
SECTION 1
Types of Economic Systems
  • authoritarian socialism
  • capitalism
  • democratic socialism

6
Objectives
SECTION 2
Features of the U.S. Economy
  • What are the basic principles of free enterprise
    in the United States?
  • What are the two markets of the circular-flow
    model?
  • How does the circular-flow model reflect exchange?

7
Basic principles of free enterprise in the United
States
SECTION 2
Features of the U.S. Economy
  • freedom to own private property and enter into
    contracts
  • freedom to make choices
  • freedom to engage in economic competition
  • freedom to make decisions based on self-interest
  • freedom to participate in the economy with
    limited government involvement and regulation

8
Two markets of the circular-flow model
SECTION 2
Features of the U.S. Economy
  • product market
  • resource market

9
Circular Flow Model
Resources and Payments
Income/ Goods and Services
Payments and Services
Taxes/Resources
Goods and Services/Taxes
Goods and Services/Taxes
10
How the circular-flow model reflects exchange
SECTION 2
Features of the U.S. Economy
  • shows the flow of resources and products to
    businesses and the government
  • displays the flow of payments to individuals

11
Objectives
SECTION 3
The U.S. Economy at Work
  • How do nations decide how to use scarce
    resources?
  • What are the major goals of U.S. economic policy?
  • Why do economic goals sometimes conflict?

12
How nations decide how to use scarce resources
SECTION 3
The U.S. Economy at Work
  • Households, businesses, and the government work
    together to set goals.

13
Major goals of U.S. economic policy
SECTION 3
The U.S. Economy at Work
  • freedom
  • efficiency
  • equity
  • security
  • stability
  • growth

14
Why economic goals sometimes conflict
SECTION 3
The U.S. Economy at Work
  • differences in the goals of various socioeconomic
    groups
  • differences in how to achieve goals

15
CHAPTER 2
Wrap-Up
  • 1. How does the U.S. economic system compare to
    traditional and command economic systems?
  • 2. In which category of mixed economic systems
    does the U.S. fit? Explain your answer.
  • 3. Give an example of a traditional economic
    system. What are the consequences to an
    individual consumer who enters into a contract?
  • 4. What are the economic principles of private
    property and voluntary exchange?

16
CHAPTER 2
Wrap-Up
  • 5. What are the goals of U.S. economic policy?
  • 6. Why are scarcity and choice basic economic
    problems?
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