2.04 US Economy - Public Schools of Robeson County
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Transcript 2.04 US Economy - Public Schools of Robeson County
2.04 U.S. Economy
Objective 2.04 Understand the
United States’ economic system.
Mixed Economy
A combination of a
free enterprise (or
market) and a
command
economy.
Privately owned
businesses and
government both
play important
roles.
The marketplace
produces:
cars
health care
technology
food (with some
government
regulations)
The government
provides:
defense
education
United States’
Mixed Economy
Free Enterprise/Market Economy
Market Economy
Characteristics
Private property
ownership.
Freedom of
enterprise and
Choice
Motive of selfinterest
Competition
System of
markets and
prices
The market
addresses
consumer wants
Market Economy
Advantages
Individuals can own businesses and
resources
Individuals can buy and sell goods and
services
Competition in the market leads to
greater choices
Consumers play a great role in the
economy
Market economy
Disadvantage
The critical role of the consumer
in the market can create a
tremendous divide between the
poor and the wealthy
United States’
Mixed Economy
Command Economy
Limited Government
The government helps protect
people by being a body that
monitors public safety through
regulatory agencies such as:
Food & Drug Administration (FDA)
Occupational Safety and Health
Administration (OSHA)
The government provides some
services to take care of people’s
needs
Highways--roads
and other
transportation
services
Schools and other
public education
services
Social Security
Medicare
Defense and
public safety
Command Economy
Advantages
Consumers
have some
protection in the marketplace
Essential services are provided
for citizens
Command Economy
Disadvantages
Citizens
have to pay taxes so
the government can provide
services
Some think there is too much
government control in the
marketplace
United States’ Economy Summary
Largest national
economy in the
world
A mixed economy
Corporations and
other private firms
make the majority
of microeconomic
decisions.
Government has a
minimal role in the
domestic economy.
Business firms in
the U.S. have much
less regulation than
those in many
other nations.