Chapter 19: The American Economy


*Voluntary Exchange- is the act of buyers and sellers freely and willingly engaging in market transactions



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*Voluntary Exchange- is the act of buyers and sellers freely and willingly engaging in market transactions.

  • *Voluntary Exchange- is the act of buyers and sellers freely and willingly engaging in market transactions.
  • -Both you and the seller benefit.

The Spread of Capitalism

  • The Spread of Capitalism
  • -Two important concepts laid the foundation for the market system that is at the heart of capitalism.
  • First is the idea that people could work for economic gain.
  • Second is the idea that govt should have a very limited role in economy (free enterprise).
  • -As trade increased in the world, people began to invest money to make profits.

Adam Smith and Capitalism

  • Adam Smith and Capitalism
  • *Adam Smith- was a Scottish economist and philosopher.
  • *The Wealth of Nations- published in 1776, offered a detailed description of life and trade in English society. It also scientifically described the basic principles of economics for the first time.
  • -From the writings of Smith and others came the basic idea of laissez-faire economics.
  • *Laissez-faire- a French term that means, to let alone”. According to this philosophy, govt should not interfere in the marketplace.
  • -Historically, communism and capitalism have been viewed as two opposing political and economic structures.

Protecting Consumer Rights

  • Protecting Consumer Rights
  • *Consumerism- a movement to educate buyers about the purchases they make and to demand better and safer products from manufactures affects you personally.
  • *Fair Packaging and Labeling Act- requires that every package have a label identifying its contents and how much it weighs.
  • *Pure food and Drug Act- 1906- requires manufacturers of foods, cosmetics and drugs to prove their products are safe.
  • The economy and you

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