The U. S. Economy What Type Is It?



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The U.S. Economy PPT

The U.S. Economy

What Type Is It?

  • Free Enterprise – Business conducted freely with little government intervention

5 Key Components

  • Private Property and Contracts
    • Private Property – Goods owned by individuals and businesses, not the Government
      • Clothes, Phones, Building, Equipment
      • Use as you wish
      • Buy and sell as much as you want
    • Contract – Agreement with one another to buy or sell goods and services
      • Oral or written – Legally Binding

5 Key Components

  • Individual Choice – Freedom of Choice
    • Property Owners – Free to use or dispose of property within laws set up by Government
    • Laborers – Free to pursue job opportunities
    • Producers – Free to make whatever goods and services they wish
    • Consumers – Free to buy goods and services that meet their needs and wants

5 Key Components

  • Competition – Economic rivalry that exists among businesses selling the same or similar products
    • Why it’s important? – Encourages improved products and development of new ones

5 Key Components

  • Self-Interested Decisions – The force that directs actions of individuals
    • Make choices for own benefit
    • Voluntary Exchange – The belief that by unconditionally buying and selling products that the opportunity costs of such a trade are acceptable to both parties
      • Both parties expect to benefit from the exchange

5 Key Components

  • Limited Government
    • Regulates Economy
    • Establish Health and safety laws, monitor banking practices, prohibit discrimination in the workplace
    • Provide public service
      • Taxes – Spent on Defense, Education, etc. . .
    • Keep economy stable
      • Hold down prices
      • Encourage economic growth

Six Goals of the U.S. Economy

  • 1. Economic Freedom
    • Freedom of choice in marketplace
    • Consumers decide how to spend money
    • Workers decide what job they want to work in
    • Free to open new businesses
  • 2. Economic Efficiency
    • Effort to make best use of scarce resources
    • The more product each worker produces, the more efficient the economy

Six Goals of the U.S. Economy

  • 3. Economic Equity
    • Society shares in the costs and benefits of free enterprise system
    • Very hard to judge – must study the cost and benefit of an action
  • 4. Economic Security
    • Protect members from poverty, business and bank failures (any situation that would harm individual or nation as a whole)
    • Purchase insurance and saving money
    • Government Programs – Unemployment, Bank Insurance

Six Goals of the U.S. Economy

  • 5. Economic Stability
    • Full employment – The lowest possible level of unemployment in the economy
    • Price Stability – Overall price level of goods and services is constant
  • Economic Growth
    • Effort to increase amount of goods and services produced by each worker
    • Standard of Living – People’s economic well being
    • Nation – How much the averaeg person can consume over a period of time

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