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What is Government?. Lesson 6: What is the Best Economy?. What are the factors of production? How can we describe the free enterprise system and the laissez-faire theory? What is the role of government in a mixed economy? How are business organizations classified?

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What is Government?

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What is government

What is Government?

Lesson 6: What is the Best Economy?


What are the factors of production?

How can we describe the free enterprise system and the laissez-faire theory?

What is the role of government in a mixed economy?

How are business organizations classified?

What role do profit and loss have in a free enterprise system?


Comparative economic systems






Comparative Economic Systems


Factors of production

  • The factors of production are the basic resources which are used to make all goods and services.


  • One factor of production is land, which in economic terms includes all natural resources.


  • Labor is the work done by men and women to produce goods and services.


  • Capitalincludes all the human-made resources that are used to produce goods and services. Someone who owns capital and puts it to productive use is called a capitalist.


  • An entrepreneur—literally, an “enterpriser”—is an individual with the drive and ambition to combine land, labor, and capital resources to produce goods or offer services.

Factors of Production

Free enterprise system

Free Enterprise System

The free enterprise system is an economic system characterized by private or corporate ownership of capital goods and investments that are determined by private decision rather than by state control.

Laissez faire theory

Laissez-fairetheory holds that government should play a very limited, hands-off role in society.

The proper role of government in economic affairs should be restricted to functions intended to promote and protect the free play of competition and the operation of the laws of supply and demand.

Laissez-Faire Theory

Mixed economies

Economists usually describe an economy in which private enterprise and governmental participation coexist as a mixed economy.

The American economy is a mixed economy.

Government at all levels in American society has some influence on the economy.

No such thing!

Mixed Economies

Oscar ameringer

Politics is the gentle art of getting votes from the poor and campaign funds from the rich, by promising to protect each from the other.

Oscar Ameringer

Profit and loss

Profit is the amount of money you earn from the business once costs incurred running the business have been subtracted.

If earnings are less than the costs, the business has not made a profit; instead, it has taken a loss.

Taking risks and making investments are an essential part of the capitalist system.

Profit and Loss

What is socialism

Socialism is an economic and political philosophy based on the idea that the benefits of economic activity—wealth— should be equitably distributed throughout a society.

Socialists a more equitable distribution of both income and opportunity, thus reducing great differences between rich and poor.

The means of production are either controlled or “owned” by the state.

What is Socialism?

Characteristics of socialist economies


  • Placing enterprises under government control, often by taking over privately owned industries, is called nationalization.

    Public Welfare

  • Socialists aim to guarantee the public welfare by providing for the equal distribution of necessities and services.

Characteristics of Socialist Economies

Characteristics of socialist economies1


  • Because social welfare services are quite expensive, taxes in socialist countries tend to be high.

    Centrally Planned Economy

  • In a centrally planned economy, government officials plan how an economy will develop over a period of years. A democratic socialist economy may or may not have strict central planning.

Characteristics of Socialist Economies

What is government

Fundamental purpose of

government to protect


What is the purpose of law

  • Why do we have law?

    • To prevent crime

    • To punish criminals

    • To keep rule and order

What is the purpose of Law?

How do you define crime

  • Something done against another person that limits rights

  • Murder, theft, etc.

  • Doing something against someone’s will

How do you define crime?

What are examples of doing something against someone s will

  • What do we call it when someone is shot and killed?

    • Murder

    • Why is this crime?

      • It confiscates Life

      • But can’t someone want their life taken away?

      • It confiscates life against their will.

What are examples of doing something against someone’s will?

What do we call it when someone is forced into activity that they do not wish to do

  • Slavery/kidnapping?

  • Is slavery a crime?

  • Why?

    • It is theft!

  • What does it take from the slave?

    • Freedom

  • What is another name for freedom?

    • Liberty

What do we call it when someone is forced into activity that they do not wish to do?

You all mentioned it what do we call it when property is stolen

  • Theft

  • Why is it illegal to steal property?

    • Because you had to work for it

    • Because it’s yours

    • Because you paid for it

You all mentioned it:  what do we call it when property is stolen?

What do you have to do to obtain property legally

  • Pay for it

What do you have to do to obtainproperty legally?

What is government

  • Where did you get the money to pay for it?

    • Job, investment

What is government

  • Why did I pay for this property, couldn’t I have held on to my dollars and bought something else?

    • I would be better off buying the item with my dollars.

What is government

  • What do we call it when two countries pay for the goods of another country?

    • TRADE

What is government

  • So, What did I have to do with my dollars to obtain my property?

    • Trade

What do my dollars represent

  • Work, jobs, investments

What do my dollars represent?

What is government

What determines how much money someone makes?

How many hours are in the day

  • 24

How many hours are in the day?

What is government

And how many hours can you work per day?

So i will ask again what determines how much someone can make in a day

  • TIME

So I will ask again, what determines how much someone can make in a day?

So what can we say you had to exchange to earn money to trade for property

  • TIME

So what can we say you had to exchange to earn money to trade for property?

So i had to sacrifice time to get my property

  • How much time does a dead person have to earn money/property?

  • How much time does a slave have to earn money or property?

  • So, what can we say are two requirements to be able to obtain property?

  • Are those the only requirements?

So I had to sacrifice time to get my property

So who can summarize what the purpose of law should be

  • Protect life

  • Liberty

  • Property

So, who can summarize what the purpose of law should be?

What is government

  • So, how does a citizen stay within the law/under this structure, what are the three requirements I must meet to not be in violation of the law?

    • By not infringing on someone else’s life, liberty, or property.

What is government

How does the law prevent

this from happening?

What is government

Should the law be to

promote Justice or

prevent injustice?

What is government

What exists by itself?

Justice or injustice?

  • Injustice

What is government

  • People are imperfect.  So how can we rephrase this statement: The purpose of law is to protect life, liberty, property?

    • The purpose of law is to prevent injustice, injustice defined as the encroachment of life, liberty, and property.

What is government

  • What is the relationship that binds life, liberty, and property to your person?

    • There will probably be silence…

    • Who drives a car in here?

    • When you are pulled over by the state, what do they ask to see?

      • Registration

    • What does registration prove?

      • Ownership

    • Who owns your life?

    • Who defends your liberty?

    • Who owns your property?


And what is the purpose of law,

if you accept that these three

rights are God-given, natural

law, rights....


Why free markets

Markets “encourage every man to apply himself to particular occupation, and to cultivate and bring to perfection whatever talent or genius he may possess.”

“[T]he most dissimilar geniuses are of use to one another; the different produces of their respective talents […] being brought, as it were, into a common stock, where every man may purchase whatever part of the produce of other man’s talents he has occasion for.”

Thus: markets  opportunities  choices  diversity

Why Free Markets?

Top ten nations of 2013 in freedom

Top Ten Nations of 2013 in Freedom

What is government

Why is Capitalism Worth Defending?

What is government

I believe that the very act of believing in something causes us to distance ourselves from that thing, thus a duality is created: oneself and the thing in which one believes. Now since we all know that in order to fully understand a thing one must be that thing -- walk a mile in its shoes so to speak -- it seems obvious that the state of believing in something inevitably causes us to not truly understand that thing in which we believe. This noncomprehension leads to all sorts of difficulties. "I believe in love" has a better than even chance of leading to divorce, while "I believe in God" seems to end in variations on the Spanish Inquisition. But -- and it's a big but -- if one were love, one couldn't help but be affectionate and caring towards oneself and others. If one were God, one would act toward all beings and all things as if they were one's own creations. And that, my friends, is the secret of life in a two-second vanity card. Of course, the secret could also be "Sit, Ubu, sit." We have to keep an open mind.

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