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Title: Splash Screen


1
Splash Screen
  • Section 3

2
Chapter Introduction 1
Economics and You
In Chapter 2, you will learn how economic
systems differ and what makes up the major
characteristics of the United States market
system.
Click the Speaker button to listen to Economics
and You.
3
Chapter Introduction 2
Chapter Objectives
Section 1 Economic Systems
  • Describe the characteristics of the traditional,
    command, and market economies. ?
  • Explain the advantages and disadvantages of the
    traditional, command, and market economies.

Click the mouse button or press the Space Bar to
display the information.
4
Chapter Introduction 3
Chapter Objectives
Section 2 Evaluating Economic Performance
  • Describe the basic economic and social groups
    used to evaluate economic performance. ?
  • Evaluate the tradeoffs among economic and social
    goals.

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display the information.
5
Chapter Introduction 4
Chapter Objectives
Section 3 Capitalism and Economic Freedom
  • Explore the characteristics of a free enterprise
    system. ?
  • Describe the role of the entrepreneur, the
    consumer, and government in a free enterprise
    economy.

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display the information.
6
End of Chapter Introduction
Click the mouse button to return to the Contents
slide.
7
Section 3-1
Study Guide
Main Idea
Under capitalism, the basic economic decisions
are made through the free interaction of
individuals looking out for their own best
interests. ?
Reading Strategy
Graphic Organizer As you read the section,
complete a graphic organizer like the one on page
46 of your textbook to identify the five
characteristics of a free enterprise economy.
Then provide an example of each.
Click the mouse button or press the Space Bar to
display the information. Section 3 begins on page
46 of your textbook.
8
Section 3-2
Study Guide (cont.)
Key Terms
  • capitalism ?
  • free enterprise ?
  • voluntary exchange ?
  • private property rights ?
  • profit ?
  • profit motive ?
  • competition ?
  • consumer sovereignty ?
  • mixed economy ?
  • modified private enterprise economy

Click the mouse button or press the Space Bar to
display the information. Section 3 begins on page
46 of your textbook.
9
Section 3-3
Study Guide (cont.)
Objectives
After studying this section, you will be able to
?
  • Explore the characteristics of a free enterprise
    system. ?
  • Describe the role of the entrepreneur, the
    consumer, and government in a free enterprise
    economy. ?

Applying Economic Concepts
Voluntary Exchange Why is voluntary exchange one
of the most popular features of a market economy?
Click the Speaker button to listen to the Cover
Story.
Click the mouse button or press the Space Bar to
display the information. Section 3 begins on page
46 of your textbook.
10
Section 3-4
Introduction
  • A market economy is normally based on a system of
    capitalism, where private citizens, many of whom
    are entrepreneurs, own the factors of production.
    ?
  • Free enterprise is another term used to describe
    the American economy. ?
  • In a free enterprise economy, competition is
    allowed to flourish with a minimum of government
    interference.

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display the information.
11
Section 3-5
Competition and Free Enterprise
  • A free enterprise economy has five important
    characteristicseconomic freedom, voluntary
    exchange, private property rights, the profit
    motive, and competition.

12
Section 3-6
Economic Freedom
  • Individuals as well as businesses enjoy economic
    freedom, the first characteristic of capitalism.
    ?
  • With economic freedom, people can choose to have
    their own business or to work for someone else. ?
  • Economic freedom also means that people can leave
    jobs and move on to others that offer greater
    opportunity. ?
  • Businesses also enjoy economic freedom.

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display the information.
13
Section 3-7
Voluntary Exchange
  • A second characteristic of capitalism is
    voluntary exchangethe act of buyers and sellers
    freely and willingly engaging in market
    transactions. ?
  • Market transactions are made in such a way that
    both the buyer and the seller are better off
    after the exchange than before it occurred. ?
  • Buyers, for example, can do many things with
    their money. ?
  • With voluntary exchange, sellers also have many
    opportunities to sell their products.

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display the information.
14
Section 3-8
Voluntary Exchange (cont.)
  • In the end, the transaction benefits both buyer
    and seller or it would not have taken place. ?
  • Both the buyer and the seller obtained something
    they believed had more value than the money or
    products they gave up.

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15
Section 3-9
Private Property Rights
  • Another major feature of capitalism is the
    concept of private property rights, the privilege
    that entitles people to own and control their
    possessions as they wish. ?
  • Private property includes both tangible items
    such as houses and cars, and intangible items
    such as skills and talents. ?
  • People are free to make decisions about their
    property and their own abilities. ?
  • Private property gives people the incentive to
    work, save, and invest.

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16
Section 3-10
Profit Motive
  • Under free enterprise and capitalism, people are
    free to risk their savings or any part of their
    wealth in a business venture. ?
  • The very possibility of financial gain, however,
    encourages many people to become entrepreneurs,
    or those who risk entering business in hopes of
    earning a profit. ?
  • Profit is the extent to which persons or
    organizations are better off at the end of a
    period than they were at the beginning.

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17
Section 3-11
Profit Motive (cont.)
  • The profit motivethe driving force that
    encourages people and organizations to improve
    their material well-beingis largely responsible
    for the growth of a free enterprise system based
    on capitalism.

18
Section 3-12
Competition
  • Finally, capitalism thrives on competition the
    struggle among sellers to attract consumers while
    lowering costs. ?
  • Competition is possible because private
    individuals, acting as entrepreneurs, own the
    factors of production and have the freedom to
    produce the products they think will be the most
    profitable. ?
  • Because capitalism is based on freedom and
    voluntary exchange, buyers compete to find the
    best products at the lowest prices.

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19
Section 3-13
20
Section 3-13
The Role of the Entrepreneur
  • The entrepreneur is one of the most important
    people in the economy. ?
  • Entrepreneurs are the ones who start up new
    businesses such as restaurants, automobile repair
    shops, Internet stores, and video arcades. ?
  • Entrepreneurs want to be their own boss and are
    willing to risk everything to make their dreams
    come true. ?
  • Only a very few manage to become fantastically
    wealthy and famous. Many entrepreneurs fail.

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21
Section 3-14
The Role of the Entrepreneur (cont.)
  • Despite the high rate of failure among
    entrepreneurs, the dream of success is often too
    great to resist. ?
  • The entrepreneur is both the sparkplug and the
    catalyst of the free enterprise economy. ?
  • When an entrepreneur is successful, everybody
    benefits. ?
  • In the end, the entrepreneurs search for profits
    can lead to a chain of events that involves new
    products, greater competition, more production,
    higher quality, and lower prices for consumers.

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22
Section 3-15
The Role of the Consumer
  • In the United States, consumers often are thought
    of as having power in the economy because they
    determine which products are ultimately produced.
    ?
  • For example, a company may try to sell a certain
    item to the public who then can choose to accept
    or deny the product, thus deciding the fate of
    the product or firm. ?
  • Consumer sovereignty describes the role of the
    consumer as sovereign, or ruler, of the market.

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23
Section 3-16
The Role of the Consumer (cont.)
  • In recent years, producers have had outstanding
    successes with various products, including home
    video games, sport utility vehicles, and personal
    computers. ?
  • Consumers wants change constantly as modern
    communications and travel expose people to new
    ideas and products. ?
  • Consumers, then, play an important role in the
    American free enterprise economy.

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24
Section 3-17
The Role of the Consumer (cont.)
  • They have a say in what isand what is
    notproduced when they express their wants in the
    form of purchases in the marketplace. ?
  • The dollars they spend are the votes used to
    select the most popular products.

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display the information.
25
Section 3-18
The Role of Government
  • Governmentwhether national, state, or localhas
    an economic role to play that reflects the
    desires, goals, and aspirations of its citizens. ?
  • Government has become involved in the economy
    because Americans want its involvement. ?
  • The government has become a protector, provider
    of goods and services, consumer, regulator, and
    promoter of national goals. ?
  • The role of government is normally justified
    whenever its benefits outweigh its costs.

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26
Section 3-19
Protector
  • As protector, the United States government
    enforces laws such as those against false and
    misleading advertising, unsafe food and drugs,
    environmental hazards, and unsafe automobiles. ?
  • It also enforces laws against abuses of
    individual freedoms. ?
  • The government protects property rights, enforces
    contracts, and generally tries to make sure that
    everyone follows the rules of the game to
    ensure an efficient and fair economy.

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27
Section 3-20
Provider and Consumer
  • All levels of government provide goods and
    services for citizens. ?
  • The national government, for example, supplies
    defense services. ?
  • State governments provide education and public
    welfare. ?
  • Local governments provide, among other things,
    parks, libraries, and bus services. ?
  • In the process of providing, government consumes
    factors of production just like any other form of
    business.

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28
Section 3-21
Regulator
  • In its role as a regulator, the national
    government is charged with preserving competition
    in the marketplace. ?
  • It also oversees interstate commerce,
    communications, and even entire industries such
    as banking and nuclear power. ?
  • The regulatory role of government is often
    controversial. ?
  • Most businesses do not like to be told how to run
    their affairs, and they argue that consumers can
    always sue in court if there are problems.

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29
Section 3-22
Regulator (cont.)
  • On the other hand, many consumers feel that they
    do not always know when they are at riskas in
    the case of potential food poisoning from unsafe
    food preparation practices. ?
  • As a result, consumers usually think that the
    government is in a better position to monitor and
    regulate such activities.

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display the information.
30
Section 3-23
Promoter of National Goals
  • Government reflects the will of a majority of its
    people. ?
  • As a result, many government functions reflect
    peoples desire to modify the economic system to
    achieve the economic goals of freedom,
    efficiency, equity, security, full employment,
    price stability, and economic growth. ?
  • A government program such as Social Security, as
    well as laws dealing with child labor and the
    minimum wage, reveal how Americans have modified
    their free enterprise economy.

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31
Section 3-24
Promoter of National Goals (cont.)
  • Because of these modifications, and because there
    are some elements of tradition in our economy,
    the United States is said to have a mixed
    economy, or a modified private enterprise
    economy. ?
  • In a mixed economy people carry on their economic
    affairs freely, but are subject to some
    government intervention and regulation. ?
  • This system most likely will undergo further
    change as the goals and objectives of the
    American people change.

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display the information.
32
Section 3-Assessment 1
Section Assessment
Main Idea Using your notes from the graphic
organizer activity on page 46 of your textbook,
explain how the basic economic decisions are made
under capitalism.
They are made through free interaction of
individuals looking out for their own best
interests.
Click the mouse button or press the Space Bar to
display the answer.
33
Section 3-Assessment 2
Section Assessment (cont.)
List the five major characteristics of a free
enterprise system.
The five major characteristics are economic
freedom, voluntary exchange, private property,
profit motive, and competition.
Click the mouse button or press the Space Bar to
display the answer.
34
Section 3-Assessment 3
Section Assessment (cont.)
Describe the role of the entrepreneur.
The entrepreneur organizes and manages land,
capital, labor and starts up businesses.
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display the answer.
35
Section 3-Assessment 4
Section Assessment (cont.)
Explain the importance of the consumer in a free
enterprise system.
They determine what is, and what is not, produced
when they express their wants in the form of
purchases in the marketplace.
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display the answer.
36
Section 3-Assessment 5
Section Assessment (cont.)
Identify the role of the government in a free
enterprise economy.
The government acts as a protector, provider and
consumer, regulator, and promoter of national
goods.
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display the answer.
37
Section 3-Assessment 6
Section Assessment (cont.)
Voluntary Exchange Cite at least three examples
of voluntary exchanges that you made this week.
How are you better off by having made the
exchanges? Did the person with whom you exchanged
gain too? How?
Answers will vary.
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display the answer.
38
Section 3-Assessment 7
Section Assessment (cont.)
Understanding Cause and Effect Americans have
varying economic goals. How have these
often-competing goals modified our free
enterprise economy?
They have modified our economy through increased
government intervention in the economy in the
form of programs like Social Security and laws
dealing with minimum wage and child labor.
Click the mouse button or press the Space Bar to
display the answer.
39
Section 3-Assessment 8
Section Close
In small groups, make brief presentations on the
lesson plans you have developed for the Extra
Credit Project on page 32 of your textbook. Then
discuss what makes the free enterprise system
unique.
40
End of Section 3
Click the mouse button to return to the Contents
slide.
41
Chapter Summary 1
Section 1 Economic Systems
  • Every society has an economy or economic system,
    a way of allocating goods and services to satisfy
    the WHAT, HOW, and FOR WHOM questions. ?
  • In a traditional economy, the major economic
    decisions are made according to custom and habit.
    Life in these economies tends to be stable,
    predictable, and continuous. ?
  • In a command economy, government makes the major
    economic decisions. Command economies can change
    direction drastically in a short time, focusing
    on whatever the government chooses to promote.

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42
Chapter Summary 2
Section 1 Economic Systems (cont.)
  • Command economies tend to have little economic
    freedom, few consumer goods, and little
    uncertainty. ?
  • A market economy features decentralized decision
    making with people and firms operating in their
    own self-interests. ?
  • A market economy adjusts gradually to change, has
    a high degree of individual freedom and little
    government interference, is highly decentralized,
    and offers a wide variety of goods and services
    that help to satisfy consumers wants and needs.

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43
Chapter Summary 3
Section 2 Evaluating Economic Performance
  • The social and economic goals of U.S. society
    include economic freedom, economic efficiency,
    economic equity, economic security, full
    employment, price stability, and economic growth.
    ?
  • 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.

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44
Chapter Summary 5
Section 3 Capitalism and Economic Freedom
  • Capitalism is a competitive economic system in
    which private citizens own the factors of
    production. ?
  • The five characteristics of capitalism are
    economic freedom, voluntary exchange, private
    property rights, profit motive, and competition.
    ?
  • 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.

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display the information.
45
Chapter Summary 6
Section 3 Capitalism and Economic Freedom (cont.)
  • In capitalism, firms are in business to make a
    profit. To do this they must offer products
    consumers want at competitive prices. ?
  • 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.

Click the mouse button or press the Space Bar to
display the information.
46
Chapter Summary 7
Section 3 Capitalism and Economic Freedom (cont.)
  • The United States 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.

47
End of Chapter Summary
Click the mouse button to return to the Contents
slide.
48
Chapter Assessment 1
Identifying Key Terms
Match the letter of the term best described by
each statement.
C D H
___ the idea that people rule the market ___ a
societys organized way of providing for its
peoples wants and needs ___ the driving force
that encourages people and organizations to try
to improve their material well-being
A. capitalism F. inflation B. command economy
G. private property rights C. consumer
sovereignty H. profit motive D. economic system
I. traditional economy E. fixed
income J. voluntary exchange
Click the mouse button or press the Space Bar to
display the answer. The Chapter Assessment is on
pages 5455.
49
Chapter Assessment 2
Identifying Key Terms (cont.)
Match the letter of the term best described by
each statement.
F A G
___ a rise in the general level of prices ___ a
system in which the factors of production are
owned by private citizens ___ the right and
privilege to control ones own possessions
A. capitalism F. inflation B. command economy
G. private property rights C. consumer
sovereignty H. profit motive D. economic system
I. traditional economy E. fixed
income J. voluntary exchange
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display the answer.
50
Chapter Assessment 3
Identifying Key Terms (cont.)
Match the letter of the term best described by
each statement.
I B
___ an economic system in which ritual, habit,
and custom dictate most economic and social
behavior ___ an economic system in which a
central authority makes economic decisions
A. capitalism F. inflation B. command economy
G. private property rights C. consumer
sovereignty H. profit motive D. economic system
I. traditional economy E. fixed
income J. voluntary exchange
Click the mouse button or press the Space Bar to
display the answer.
51
Chapter Assessment 4
Identifying Key Terms (cont.)
Match the letter of the term best described by
each statement.
E J
___ the situation in which the money an
individual receives does not increase even though
prices go up ___ the act of buyers and sellers
freely conducting business in a market
A. capitalism F. inflation B. command economy
G. private property rights C. consumer
sovereignty H. profit motive D. economic system
I. traditional economy E. fixed
income J. voluntary exchange
Click the mouse button or press the Space Bar to
display the answer.
52
Chapter Assessment 5
Reviewing the Facts
Describe the main strength and weakness of a
traditional economy.
strength everyone knows which role to play
weakness discourages new ideas and new ways
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display the answer.
53
Chapter Assessment 6
Reviewing the Facts (cont.)
List the five major weaknesses of the command
economy.
does not meet needs and wants of consumers lacks
effective incentives for people to work hard
requires large bureaucracy that consumes
resources has little flexibility new ideas and
individuality discouraged
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display the answer.
54
Chapter Assessment 7
Reviewing the Facts (cont.)
Describe how a market economy, a traditional
economy, and a command economy adapt to change.
Traditional often punishes those who attempt to
change the way things are done Command problems
adjusting to changes because of inflexibility
Market flexible and can adjust to change
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display the answer.
55
Chapter Assessment 8
Reviewing the Facts (cont.)
Describe the seven major economic goals which
most Americans agree on.
economic freedomfreedom to make ones own
economic decisions economic efficiencyrecognitio
n that resources are scarce and need to be used
wisely economic equitybelief that the economy
should be managed justly, impartially, and
fairly economic securityprotection from effects
of adverse economic events full
employment desire for the economic system to
provide as many jobs as possible price
stabilitydesire for stable prices economic
growthproduction of more and better goods and
services
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display the answer.
56
Chapter Assessment 9
Reviewing the Facts (cont.)
Explain how society resolves the conflict among
goals which conflict.
economic system is flexible, allows choices, and
accommodates compromises
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display the answer.
57
Chapter Assessment 10
Reviewing the Facts (cont.)
State how people and businesses benefit from
economic freedom.
People can choose their employer, where and when
they work, and how they spend their money.
Businesses hire the best workers, and decide what
and how to produce and what prices to charge.
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display the answer.
58
Chapter Assessment 11
Reviewing the Facts (cont.)
Explain the importance of the entrepreneur in a
free enterprise economy.
When entrepreneurs succeed, they benefit by
gaining profits workers benefit through jobs and
higher wages consumers benefit by having more
and better products to buy and government
benefits through greater tax revenues.
Click the mouse button or press the Space Bar to
display the answer.
59
Chapter Assessment 12
Reviewing the Facts (cont.)
Provide examples of how the government acts as
protector, provider and consumer of goods and
services, regulator, and promoter of national
goals.
protectorenforces laws against false
advertising provider and consumer provides
highways, uses productive resources
regulatoroversees interstate commerce promoter
of goalsminimum wage promotes equity
Click the mouse button or press the Space Bar to
display the answer.
60
Chapter Assessment 13
Thinking Critically
Drawing Conclusions Some people believe the
profit motive conflicts with the goals of
economic security and equity. Do you agree or
disagree? Why or why not?
Some might argue that the profit motive does
conflict with those goals, pointing out that
business owners, in their drive for profits, may
be less than fair. Others may argue that there is
no conflict, because the drive for profits
eventually leads to economic success for all.
Click the mouse button or press the Space Bar to
display the answer.
61
Chapter Assessment 14
Thinking Critically (cont.)
Understanding Cause and Effect How can the
movement of people and the communication of ideas
affect the type of economic system a society has?
Freedom of movement of people and ideas is the
hallmark of a market economy. Lack of movement is
a tendency of traditional and command economies.
Click the mouse button or press the Space Bar to
display the answer.
62
Chapter Assessment 15
Thinking Critically (cont.)
Making Inferences What incentive does owning
private property give people?
Private property gives people the incentive to
work harder, to save, to invest, and to succeed.
Click the mouse button or press the Space Bar to
display the answer.
63
Chapter Assessment 16
Thinking Critically (cont.)
Making Comparisons Reproduce the diagram on page
55 of your textbook. Then, in the spaces
indicated, identify several elements of command
and tradition in the U.S. economy that make it a
mixed, or modified private enterprise, economy.
Answers will vary.
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display the answer.
64
Chapter Assessment 17
Applying Economic Skills
Tradition Most people tip for service in
restaurants, but not for service at clothing
stores or gas stations. Explain how this
illustrates economic behavior by tradition rather
than by market or command.
Tipping for service in a restaurant is a
long-established tradition, just as tipping at
clothing stores and gas stations is rarely done.
Click the mouse button or press the Space Bar to
display the answer.
65
Chapter Assessment 18
Applying Economic Skills (cont.)
Freedom and Equity Explain the role you as a
consumer must play in obtaining economic equity
for yourself.
reporting unfair pricing or false advertising
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display the answer.
66
Chapter Assessment 19
Applying Economic Skills (cont.)
Voluntary Exchange How does the principle of
voluntary exchange operate in a market economy?
Both buyers and sellers must believe that
something they want has more value than the money
or products they want to give up.
Click the mouse button or press the Space Bar to
display the answer.
67
Chapter Assessment 20
Identify the type of economy in the following
situations (1) After hearing complaints about
postal service, Jack starts a delivery service.
(2) Production has remained the same for
generations. (3) A proposal to introduce new
production methods is held up for months while
paperwork is prepared.
market traditional command
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display the answer.
68
End of Slide Show
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slide.
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