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

ADVANTAGES
FREEDOMS
DISADVANTAGES
GOVERNMENT
REGULATIONS
BUY WHAT WE WANT LIMITED RESOURCES
NO LIMITS TO WHAT
YOU CAN HAVE
TAXES
WELFARE SYSTEM UNEQUAL
DISTRIBUTION OF
WEALTH

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

What is the difference between open opportunity and legal equality ?
Open opportunity allows people to participate in the market by free choice

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

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

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

Explain the chain and effect reactions since the mid-1990s that led to the lower book prices for American consumers.
Small book stores
1995
Borders and Barnes
& Noble compete
Pass along major savings
Amazon
Lower prices; access to everything
More websites

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

2.) Make the best use of scarce resources.

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

4.) Economic stability – employment and stable prices.

5.) Economic security
(insurance)

6.) Economic growth

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

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

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

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

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