I. Economic and Social Goals
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Transcript of I. Economic and Social Goals
I. Economic and Social Goals
1. economicfreedom
2. economic efficiency
4. economicequality
5. economicsecurity
3. economicgrowth
6. price stability
7. fullemployment
1. economic freedom
individuals businesses
2. economic efficiency
cause (if) then
3. economic equality
4. economic security
cause (if) then
Social Security
5. full employment
then
ifif
then
6.price stability
If_____ _________
people need more______to buy food, clothing and
shelter.
If people live on fixed income
(income that does not change)
then______
__________
7. economic growth
people want…
****
more growth
More_____and
________
future goals
as society evolves (________)
II. Resolving Trade-Offs Among Goals
Goal:Goal:
How are trade offsresolved….
opportunity cost(trade off)
opportunity cost(trade off)
Section 3;. American
Free Enterprise
A. Economic Freedom
B. Voluntary Exchange
C. Private Property
Rights
D. Profit Motive
A. Economic Freedom
B. Voluntary Exchange
C. Private Property
Rights
D. Profit Motive
Example: PEOPLE Example: Example: Example:
Example: BUSINESS
I. CHARACTERISTICS OF FREE ENTERPRISE CAPITALISM
Why do entrepreurs risk their money?
PROFIT MOTIVE!!!They want to earn MORE $$$
Which restaurant will make the most profit? The 3 restaurants will ___________ witheach other for consumer spending.
compete
II. Role of the Entrepeneur
Organizes:1._________________2._________________3._________________Wants to see reward called _____________________
III. Role of the Consumer
Who is always right?_______________“The __________ is always ________”
This is called c___________S________
A. Protector
B. Provider
C. Regulator
D. Consumer
Example: Example: Example: Example:
IV. The Role of the Government
v. Modified Free Enterprise
people and business buy and sell
• government must protect, provide,
regulate and consume
• How much do we want government
involved?