Slide 38 Copyright © Pearson Education, apter 2 Section 1 How Central Planning Works –In a centrally planned economy (also known as a command economy), the government, rather than individual producers and consumers, answer the key economic questions. Analyze the societal values that determine how a country answers the three economic questions. Economic systems also strive to achieve a certain degree of economic security. Slide 51 Copyright © Pearson Education, apter 2 Section 1 The Rise of Free Markets, cont. Slide 54 Copyright © Pearson Education, apter 2 Section 1 North Korea North Korea represents one extreme of the continuum. Course Hero member to access this document. Slide 39 Copyright © Pearson Education, apter 2 Section 1 Command v. Free Market Command economies operate in direct contrast to free market systems. Economic systems quizlet answers. Slide 14 Copyright © Pearson Education, apter 2 Section 1 Economic Growth A society also strives for economic growth. There is little room for innovation or change. Slide 50 Copyright © Pearson Education, apter 2 Section 1 The Rise of Free Markets Even free market thinkers like Adam Smith recognized the need for a limited degree of government involvement in the economic marketplace. Slide 42 Copyright © Pearson Education, apter 2 Section 1 The Soviet Union The Soviet Union became the world's first communist state in 1917 and remained so until it broke up in –Soviet economic planners sought to build power and prestige and allocated the best land, labor, and capital to heavy industry. This decision had a harsh effect on factories that made consumer goods.
Markets allow us to exchange the things we have for the things we want. Economic systems answer key. Explain the rise of mixed economic systems. Flickr Creative Commons Images. Slide 23 Copyright © Pearson Education, apter 2 Section 1 The Purpose of Markets Checkpoint: Why do markets exist? Slide 19 Copyright © Pearson Education, apter 2 Section 1 Key Terms market: any arrangement that allows buyers and sellers to exchange things specialization: the concentration of the productive efforts of individuals and businesses on a limited number of activities free market economy: an economic system in which decisions on the three key economic questions are based on the voluntary exchange in markets household: a person or group living in a single residence.
Entify the advantages of a free market economy. Slide 24 Copyright © Pearson Education, apter 2 Section 1 Specialization Rather than being self-sufficient, each of us specializes in a few products or services. Competition encourages innovation, which causes economic growth –They lend themselves to consumer sovereignty. Because of specialization, markets are needed to give people an arena with which to sell their products and to buy products that they don't produce themselves but need. Course Hero uses AI to attempt to automatically extract content from documents to surface to you and others so you can study better, e. Chapter 2 economic activity answers. g., in search results, to enrich docs, and more.
If a society can accurately assess what to produce, it increases economic efficiency. Who consumes these goods and services? Use your answer to explain why thermonuclear weapons require regular maintenance. Slide 31 Copyright © Pearson Education, apter 2 Section 1 Advantages of a Free Market Under ideal conditions, free market economies meet the following economic goals: –They respond to rapidly changing conditions. Traditional economies are usually found in communities that tend to stay small and close. How should goods and services be produced? Slide 41 Copyright © Pearson Education, apter 2 Section 1 Communism –Under communism, the central government owns and controls all resources and means of production. Slide 44 Copyright © Pearson Education, apter 2 Section 1 Disadvantages Nations with command economies often have trouble meeting the basic economic goals. This question is largely determined by how societies distribute income. Markets, like a farmer's market, a sporting goods store, and the New York Stock Exchange, eliminate the need for any one person to be self-sufficient. Incentive: the hope of reward or fear of penalty that encourages a person to behave a certain way competition: the struggle among producers for the dollars of consumers invisible hand: a term coined by Adam Smith to describe the self-regulating nature of the marketplace consumer sovereignty: the powers of consumers to decide what gets produced. Slide 25 Copyright © Pearson Education, apter 2 Section 1 Free Market Economy In a free market, answers to the three key economic questions are made by voluntary exchange in the marketplace.
Specialization allows businesses to focus on a limited number of related products or services. Why is China a little bit farther to the right on the diagram below than Cuba? Slide 30 Copyright © Pearson Education, apter 2 Section 1 Competition –Firms seek to make higher profits by increasing sales. Relationship between quantity supplied, quantity demanded and.
Scope 3 Waste to Landfill Greenhouse Gas Emissions Australia operations Scope 3. Scribe the role of free enterprise in the United States economy. How a society answers these three questions defines the type of economic system that society has. A free market economy is characterized by: Self-interest Competition Economic freedom, efficiency, and equity. Slide 47 Copyright © Pearson Education, apter 2 Section 1 Key Terms laissez faire: the doctrine that government generally should not intervene in the marketplace private property: property that is owned by individuals or companies, not by the government or people as a whole mixed economy: a market-based economic system in which the government is involved to some extent. Self-Interest and Competition are absent However, command economies do guarantee jobs and income and can be used to jump-start selected industries. A mixed economy is characterized by: A market-based economy with some government intervention Government helps societies meet needs that would be too difficult for them to meet under a totally free market economy, such as education Government protects property rights and ensures that exchanges in the marketplace are fair. The inevitable cost of capitalism according to Marx was the exploitation of workers and an unfair distribution of wealth. The marketplace operates with a limited degree of government regulation. Communism derived from the writings of Karl Marx who believed that labor was the source of all value but that under capitalism, all the profit created by laborers ended up in the hands of the property owners.
Consumers would often wait in long lines at stores, only to discover that there was nothing to buy. Slide 10 Copyright © Pearson Education, apter 2 Section 1 Economic Goals Societies answer the three economic questions based on the importance they attach to various economic goals. Slide 3 Copyright © Pearson Education, apter 2 Section 1 Key Terms economic system: the structure of methods and principles that a society uses to produce and distribute goods and services factor payment: the income people receive in return for supplying factors of production profit: the amount of money a business receives in excess of expenses safety net: a set of government programs that protect people who face unfavorable economic conditions. Entify the disadvantages of a centrally planned economy. Some images used in this set are licensed under the Creative Commons through.
Innovation plays a huge role in economic success as well. The government owns both land and capital. Mpare the mixed economies of various nations along a continuum between centrally planned and free market systems. There is minimal, if any, economic freedom. The complex bureaucracy of a command economy is not efficiently run and does not adjust quickly to market changes. Slide 9 Copyright © Pearson Education, apter 2 Section 1 Question 3 Who consumes goods and services? Recommended textbook solutions. Economic transition: a period of change in which a nation moves from one economic system to another privatization: the process of selling businesses or services operated by the government to individual investors, and then allowing them to compete in the marketplace free enterprise system: an economic system in which investments in firms are made in a free market by private decision rather than by state control. Slide 57 Copyright © Pearson Education, apter 2 Section 1 Government Intervention The American government intervenes in the economy by: –Keeping order –Providing vital services –Promoting general welfare Federal and state laws protect private property. Slide 55 Copyright © Pearson Education, apter 2 Section 1 Hong Kong Hong Kong represents one of the world's freest markets.
Upload your study docs or become a. In many cases, these communities lack modern conveniences and have a relatively low standard of living. D. The child's sense of smell does not work properly. Smith called this self-regulating mechanism of the market "the invisible hand. " Slide 49 Copyright © Pearson Education, apter 2 Section 1 Introduction What are the characteristics of a mixed economy? North Korea's economy is almost totally dominated by the government. A nation's economy must grow so it can provide jobs for the new people joining the workforce. Specialization leads to efficient use of land, labor, and capital. Innovation is not rewarded and thus economic growth is stilted. In a free market system, individuals and privately owned businesses own the factors of production. Slide 11 Copyright © Pearson Education, apter 2 Section 1 Economic Efficiency Because resources are always scare, societies try to maximize what they can produce using the resources they have. All societies must prioritize their economic goals, or arrange them in order of importance.
The government also controls where people work and what they are paid. Students also viewed. The child often cannot hear sounds unless he or she is within 3 feet of the source. Slide 13 Copyright © Pearson Education, apter 2 Section 1 Economic Equity Economic equity is another economic goal that is defined differently in different societies. Slide 53 Copyright © Pearson Education, apter 2 Section 1 Comparing Mixed Economies Most modern economies are mixed economies.
Slide 58 Copyright © Pearson Education, apter 2 Section 1 American Economic Freedom The United States enjoys a high level of economic freedom. The characteristics of a traditional economy. According to Smith, consumers will respond to the positive incentive of lower prices by buying more goods because spending less money on a good lowers the opportunity cost of the purchase. C Examples DAVE BRAUNSCHWEIG Counting This program demonstrates While Do and For. Slide 5 Copyright © Pearson Education, apter 2 Section 1 Introduction What goals and values affect how a society answers the key economic questions? Click to see the original works with their full license. The government owns all the property and output equipment.
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