Mixed Economies Chapter 2 Lesson 3 most countries

Mixed Economies Chapter 2 Lesson 3 (most countries in the world)

Socialism • Gov’t provides basic needs for its people: • Education • Transportation and roads • Health care • Negative: • Higher taxes https: //www. forbes. com/sites/duncanmadden/2018/03/27/ranked-the-10 happiest-countries-in-the-world-in-2018/#3 f 85881273 e 9

Different names for the US economy ◆A market economy may be referred to capitalist (where people own the 4 factors--with no gov’t involvement) ◆ **Mixed free enterprise** (some gov’t involvement)

5 characteristics of a Mixed Free Enterprise Economy ◆ 1. Economic Freedom – Freedom to choose ◆ 2. Voluntary Exchange – Buyers & sellers freely make transactions ◆ 3. Private Property Rights – People may own and control their possessions as they wish ◆ Eminent Domain--the exception

◆ 4. Profit Motive – Profit: better off at the end then at the beginning – Profit motive: incentive for people to work harder ◆ 5. Competition – Struggle among sellers to attract customers

4 Roles of Government ◆ 1. Protector – Enforces laws ◆ Like etc. ◆ 2. false advertising, unsafe food & goods Provider & Consumer --education, public services, defense, welfare, parks etc.

◆ 3. Regulator – Preserves competition ◆ 4. Promoter of Goals – national goals

Assignment • You are going to write the Kahoot It questions for review. • You must write 6 multiple choice questions: 2 on economic systems 2 on the goals of the US 2 on mixed economies. You must include answer choices for A B C and D.

Review Assignment Answer in complete sentences. ◆Page 67 ◆# 1, 2, 3, 4, 10, 11, 12 ◆Page 68 ◆#16 ◆Page 95 ◆# 3, 7