Chapter 3 Economic Systems 3-2 Explain the following Economic freedom Economic efficiency Economic equity Economic growth Economic stability Economic security 1. Give some examples (three) of how the United States makes choices of what to produce. 2. How does the U.S. make choices on how to produce products? Give three examples. 3. What are the ways (4) goods and services distributed? 4. What are the 6 economic goals most societies try to address? 5. Look at figure 3.2. Why do you think states like TX, FL, and NM have high amounts of uninsured? Why do you think 18-24 year olds are highest age group uninsured? Country Project Pick a country and list and describe the following 1. History (brief) 2. Current economic status 3. Type of government 4. What drives the economy a. Resources b. Products they produce c. How do they trade d. Human capital (literacy, graduation rate) 5. Which economy is your country? a. Traditional economy b. Command economy c. Mixed/Market economy Countries Ethiopia, Uganda, Saudi Arabia, China, Vietnam, Japan, Australia, Germany, Mexico 3-3 Who Decides What in Different Economic Systems Explain the following Traditional economy Command economy Market economy Put the following countries into one of the above categories 1. Australia, 2. China, 3. Ethiopia, 4. Germany, 5. Japan, 6. Mexico, 7. Saudi Arabia, 8. Uganda, 9. Vietnam, 10. Canada 1. Which economy is most like the United States? Which one is most different? Why? 2. What made market economies grow in the 1800’s? What term become synonymous with the free market system? 3. What author and what work proposed the alternative called Socialism? 4. What is the benefit of socialism and communism? What do YOU think of these systems? 5. What was the flaw of the Soviet socialist economy? 6. Draw and label the circular flow of a market economy 7. What are the goals of a traditional, command and mixed economy? pg. 46 3-4 How Do Mixed Economies Divide the Decision Making? Explain Mixed economy Public works 1. What governmental institutions are needed at the minimum? 2. How do some governments step in when the market is operating in an unacceptable manner? 3. What are the advantages and disadvantage of public works projects? 4. Draw and explain the circular flow model of a mixed economy 5. What makes Australia one of the freest markets in the world? What makes North Korea one of the most repressive? How does this affect the U.S.? 6. What do the countries rated “free” have in common? How is this important to the United States? 3-5 What Are the Key Characteristics of the U.S. Economic System? Explain Free enterprise system Laissez-faire (French for “let do”) Property rights Intellectual property Patent Copyright 1. Get with a group and create a visual representation of the U.S. economic system. 2. Use pages 50 to 52 to help you and use 4 of the 7 themes in your representation.