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I. Economic and Social Goals

I. Economic and Social Goals. 1. economic freedom. 7. full employment. 2. economic efficiency. 6. price stability. 5. economic security. 3. economic growth. 4. economic equality. 1. economic freedom. individuals. businesses. 2. economic efficiency. then. cause (if).

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I. Economic and Social Goals

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  1. I. Economic and Social Goals 1. economic freedom 7. full employment 2. economic efficiency 6. price stability 5. economic security 3. economic growth 4. economic equality

  2. 1. economic freedom individuals businesses

  3. 2. economic efficiency then cause (if)

  4. 3. economic equality

  5. 4. economic security then cause (if) Social Security

  6. 5. full employment if then if then

  7. 6.price stability If_____ _________ people need more______ to buy food, clothing and shelter. then______ __________ If people live on fixed income (income that does not change)

  8. 7. economic growth people want… * * * * more growth More_____ and ________

  9. as society evolves (________) future goals

  10. II. Resolving Trade-Offs Among Goals Goal: Goal: How are trade offs resolved…. opportunity cost (trade off) opportunity cost (trade off)

  11. Section 3;. American Free Enterprise A. Economic Freedom D. Profit Motive B. Voluntary Exchange C. Private Property Rights

  12. I. CHARACTERISTICS OF FREE ENTERPRISE CAPITALISM A. Economic Freedom B. Voluntary Exchange C. Private Property Rights D. Profit Motive Example: PEOPLE Example: Example: Example: Example: BUSINESS

  13. Why do entrepreurs risk their money? PROFIT MOTIVE!!! They want to earn MORE $$$ compete Which restaurant will make the most profit? The 3 restaurants will ___________ with each other for consumer spending.

  14. II. Role of the Entrepeneur Organizes: 1._________________ 2._________________ 3._________________ Wants to see reward called _____________________

  15. III. Role of the Consumer Who is always right?_______________ “The __________ is always ________” This is called c___________S________

  16. IV. The Role of the Government A. Protector B. Provider C. Regulator D. Consumer Example: Example: Example: Example:

  17. v. Modified Free Enterprise • government must protect, provide, regulate and consume • How much do we want government involved? people and business buy and sell

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