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Mixed Economy: Elements of the three different economic systems in one economy; the most common economic system

Mixed Economy: Elements of the three different economic systems in one economy; the most common economic system. Ex.) US Market-business competition, private property, profit Command-government regulated agencies, schools, USPS Traditional-schools still follow an agricultural schedule.

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Mixed Economy: Elements of the three different economic systems in one economy; the most common economic system

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  1. Mixed Economy: Elements of the three different economic systems in one economy; the most common economic system Ex.) US Market-business competition, private property, profit Command-government regulated agencies, schools, USPS Traditional-schools still follow an agricultural schedule

  2. Two major trends in modern economies:1. Many economies moving away from Command Systems and privatizing business.2. Globalization by getting foreign investors.

  3. FREE ENTERPRISE SYSTEM

  4. What is the difference between open opportunity and legal equality? • Open opportunity allows people to participate in the market by free choice • Legal equality-everyone has the same economic rights

  5. What besides profit, if anything, might motivate a person to start a business? • Non profits fulfill a social need and some people create enterprises for that as well

  6. What fads like the pet rock have you seen come and go? • Pokemon • Tickle Me Elmo • Cabbage Patch Kids • Virtual Pets • Beanie Babies • Silly Bands

  7. List and explain the legal rights built into the free enterprise system. • Open opportunity: everyone has the ability to enter the market • Free contract: everyone has the right to decide which contracts they enter into • Legal equality: everyone has the same economic rights

  8. Explain the chain and effect reactions since the mid-1990s that led to the lower book prices for American consumers.

  9. GOALS OF THE FREE ENTERPRISE SYSTEM: 1.) Maintain economic freedom!

  10. 2.) Make the best use of scarce resources.

  11. 3.) The government tries to ensure that every citizen shares in the benefits.

  12. 4.) Economic stability – employment and stable prices.

  13. 5.) Economic security (insurance)

  14. 6.) Economic growth

  15. MILTON FRIEDMAN MAJOR WORKS: CAPITALISM AND FREEDOM FREE TO CHOOSE BRIGHT PROMISES, DISMAL PERFORMANCES: AN ECONOMISTS PROTEST www.sodahead.com

  16. MILTON FRIEDMAN HIS BELIEFS ON GOV’T. ROLE: MARKET SHOULD BE FREE TO OPERATE IN ALL FIELDS & PROFESSIONS (LAW, MEDICINE), CUTTING BACK ON REGULATIONS www.another-green-world.blogspot.com

  17. MILTON FRIEDMAN BELIEFS ON LICENSING: LOWERING THE LICENSING STANDARDS WILL BRING MORE OF THESE PROFESSIONS INTO THE MARKET www.distributedrepublic.net

  18. MILTON FRIEDMAN ACCOMPLISHMENTS: ECONOMIC ADVISOR TO NIXON & REAGAN AND TO BRITISH PRIME MINISTER MARGARET THATCHER www.kitmantv.blogspot.com

  19. BIBLIOGRAPHY www.ctdol.state.ct.us www.filipspagnoli.wordpress.com www.amazon.com www.couponcravings.com www.earth-health.blogspot.com www.nydailynews.com www.seekingalpha.com www.american.com

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