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| a sign of economic growth is an increase in the nation's outpt of goods and service |
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| a seteady output of goods and sevices unemployment rate is low- many people have jobs. |
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| when people want to make sure that they have security even in hard times or when they are unemployed. |
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| people want equal opportunities and rewards NOT based on race, sex, age, religion, or national origin. |
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| workers have the right to accept or refuse jobs. people have the right to own property, from a business, and make a profit. people have the right to spend or save money as they wish. |
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| it takes human and natural resources to produce goods and services. these resources are limited in supply. an efficient economic system strives to do the most with what resources it has, and strives to get people the greatest output of goods and services from the input of human and natrual resources. |
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in a pure free enterpise system, things work out without government officials interfering. the "invisible hand" is said to guide a free enterpise economy. 18th century economist- adam smith also used the term "self interest"
Ex. a storekeeper orders more goods for self interest. the government doesn't have to tell the storekeeper to re-stock items |
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| something that must be given up in order to get something else- a trade off |
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| the study of individual part of an economy |
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| the study of the economy as a whole |
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| How does the U.S Economic System operates |
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1. Freedom to choose our emplyment and form businesses
2.The right to private property
3.Profit motive
4.Competition
5.Consumer sovereignty
6.Rule of law |
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| An economic system that combines both private ownership and government ownership of the means of production. federal, state and local governments have the important role in the production of goods and services. the federal reserve board determines intrest rates in the u.s. |
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