Summarizing In a capitalist system, whymight business owners resist

Explain the significance of: economic system, traditional economy, command economy, market economy, market, circular flow of income and output, mixed economy.

Explaining An economic system answers what three basic questions?

Summarizing In a chart like the one below, fill in the answers to the questions about each major type of economic system.

The BIG Idea Go back to the web diagram you made at the beginning of the section. For each economic system you listed, write down the name of a country that uses that system. Use examples from the text or your own knowledge.

Contrasting In the circular flow of income and output model in this section, consumers and businesses pass income back and forth freely. Which of the four economic systems would not be represented by this model, and why?

Political Systems Some economic systems work better with democracies and some work better with authoritarian rule. Which political system best matches each economic system? Why?

Explain the significance of: capitalism, laissez-faire, free-enterprise system, profit, profit incentive, competition, private property.

Identifying Study the list of goods and services below. Then identify who you believe controls most decisions involved with each example, and explain your choice

Summarizing In a capitalist system, why might business owners resist government intervention in their business?

Extending the Content Describe a situation in which a lack of competition caused you to pay more for a good or service than you would have otherwise.

What economic question is being answered if an industry replaces some workers with machines?

How does a traditional economy answer the basic question, How should it be produced?

What are six important characteristics of free enterprise?

What is governments role in the modern American version of capitalism?

Why is private property important in the American economic system?

What are the six goals of free enterprise?

What are two examples of individuals economic responsibilities in a free-enterprise system?

Complete the graphic organizer by filling in characteristics of each economic system.

Who did Karl Marx believe should control the means of production in an economy?

"Who did Karl Marx believe should control the means of production in an economy? Imagine that a school club to which you belong wants to raise money to go on a group trip. Write two or three paragraphs explaining how your club would answer the three basic economic questions as they relate to the fund-raiser. Consider these questions: If your school represents an economic system, what type would it be (traditional, command, market, mixed)? Within that system, how would the club answer the three basic economic questions? How might concepts like competition and profit incentive influence the outcome of the fund-raiser?"

The BIG Idea Karl Marx predicted that capitalism would collapse and evolve into socialism and then communism. The opposite has proved to be truecapitalism has thrived in the world and no society has yet evolved into pure communism. Why do you think this is so? Support your answer with facts and examples.

Comparing Create a diagram like the one below to list the advantages and disadvantages of competition to buyers and sellers.

Interpreting Explain what U.S. economic goal is being met by each of the following actions: (a) The government regulates the amount that an electric company can charge you for energy. (b) Juan moves to Seattle to work for a Web page designer. (c) Your savings account is insured up to $100,000.

Study the cartoon on the right, and then answer the following questions. a. What does the line on the graph represent? b. Why is making a profit more difficult now for ABX Corp.? c. Toward what economic system are other countries apparently moving?