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Essential Question COPY:

SECTION 2. Features of the U.S. Economy. Essential Question COPY:. Describe each of the 5 key features of the U.S. Free Enterprise Economy, Identify the three actors and two markets in the circular flow model and describe what is exchanged between all three in BOTH markets. SECTION 2.

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Essential Question COPY:

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  1. SECTION 2 Features of the U.S. Economy Essential Question COPY: • Describe each of the 5 key features of the U.S. Free Enterprise Economy, Identify the three actors and two markets in the circular flow model and describe what is exchanged between all three in BOTH markets.

  2. SECTION 2 Features of the U.S. Economy Free Enterprise (Copy): • The U.S. economic system is a version of capitalism called Free Enterprise • Free Enterprise has 5 main features or characteristics. • Each feature enables U.S. citizens to have freedom to act in certain ways or to receive certain benefits that promote a healthy economy.

  3. SECTION 2 Features of the U.S. Economy Instructions on Book work (COPY) • For each of the five features of free enterprise: • Identify the feature and give a BRIEF description of it, IN YOUR OWN WORDS explain why it is important (Describe what “life” would “look like” IF we DID NOT have this feature in our economy… What’s the opposite of the feature?)- Last provide an example of the feature in real life- you may use the book example if you need to.

  4. SECTION 2 Features of the U.S. Economy Freedom to own private property/enter into contracts: • Definition-All citizens have the right to own products. They may trade, keep, or destroy them. If they wish they can enter into a contract to exchange their p.p with someone else. • Importance-If we didn’t have the right to own P.P; anyone could simply take our stuff (people or govt.) Or we would not be able to sell/trade our stuff with others (enter into contracts). • Example- Phones, Cars, Houses, etc.

  5. SECTION 2 Features of the U.S. Economy Freedom to make choices: (Person 1) • Definition • Importance • Example

  6. SECTION 2 Features of the U.S. Economy Freedom to act in Self-Interest: (Person 2) • Definition • Importance • Example

  7. SECTION 2 Features of the U.S. Economy Freedom to engage in competition: (Person 3) • Definition • Importance • Example

  8. SECTION 2 Features of the U.S. Economy Limited Government Involvement: (Person 4) • Definition • Importance • Example

  9. SECTION 2 Features of the U.S. Economy Two markets of the circular-flow model (COPY): • product market- on this market finished products and money payments are exchanged between individuals, businesses, and government. • resource market- in this market resources are provided and consumed to make products in exchange for money payments between individuals, businesses, and government.

  10. SECTION 2 Features of the U.S. Economy Two markets of the circular-flow model: (Cont.) • Draw a Sketch of the Diagram on page 34 in your text book. • Be sure to label it correctly and completely

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