Goal 7: Economics & Choices

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Presentation transcript:

Goal 7: Economics & Choices US Economy

US Economic System The US is a market/mixed economy Market economy also called capitalism Has free enterprise system – individuals & businesses compete for profit w/ minimum govt interference

Goals & Characteristics of the US Econ Provide jobs Efficient use of resources Continued economic growth Equal access to jobs & education Characteristics: Private property Profit incentive Competition Freedom of choice Limited govt involvement

Adam Smith’s Ideas Wrote “Wealth of Nations” Provided basic outline of econ theories in market economy Invisible hand: supply, demand, competition will help to regulate a free market Laissez Faire: govt shouldn’t interfere w/ economy

Circular Flow