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America's Economic System: Empowering Choices and Freedom

Delve into the fundamentals of the American economy, exploring the interplay between consumers, workers, and sellers. Learn about economic freedoms, market dynamics, and the core values shaping economic decisions. Discover how you can participate in the dynamic economy based on choice and fairness.

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America's Economic System: Empowering Choices and Freedom

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  1. The Economy Ch. 2 Sec. 3 Pp. 41-43

  2. The American Economy • Economy – system for producing and distributing goods and services to fulfill people’s wants • Consumer – uses goods and services • Most people are both consumers and workers • Market - where we exchange goods and services • Price – what you pay for goods and services

  3. American Economic Freedoms • Buy and sell • Compete • Own property • Choose an occupation • Make a profit

  4. America’s Economy and You • Buyers and sellers meet face to face in stores • We are workers and consumers • Freedom is the cornerstone of our economy • You have the freedom to make choices • Rules of our economy based on idea of fairness

  5. Questions • Most people in our economy are both consumers and • a. producers. • b. workers. • c. sellers. • d. buyers.

  6. Questions • What value forms the cornerstone of the American economic system? • a. justice • b. profit • c. freedom • d. equality

  7. Questions • In our economic system, we can • a. make a profit. • b. own property. • c. compete with others. • d. all of the above

  8. Questions • A benefit of the American economy is that people can • a. have any job they want. • b. have lots of money. • c. buy anything they want. • d. pursue a chosen lifestyle.

  9. Questions • The American economic system is based on freedom and • a. fairness. • b. patriotism. • c. exchange. • d. diversity.

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