Economics & Economic Decision Making Warm Up: Make a list of 4 life goals you hope to achieve. Write in notebook with today’s date and share with friends!!

Why do we set goals?? Something achievable to work toward. Instills a sense of accomplishment when achieved. Allows us to prioritize our actions and decisions. What do we do once we have achieved a goal?

We have national goals as well: Economic Security Economic Freedom Price Stability Full Employment Economic Efficiency Economic Equity Economic Growth

Goals Chart Any economic society is going to create goals for itself in order to progress and be successful. The following is a list of the seven goals that when achieved will produce a utopian society. What do these goals mean to you? Brainstorm with your group what they mean.

1.Which goal do you value the most? Why? 2.Which goal do you value least? Why? 3.Which goal do you think the federal government (with the Stimulus packages) is focusing on right now? Explain. 4.Is the government sacrificing other goals to achieve the one you selected for “3”? Explain.

Economics & Economic Decision Making In your spiral notebook: What is capitalism?

We Live in a MODIFIED, FREE ENTERPRISE, MARKET economy based on a CAPITALIST ideal! Modified: gov’t has the power to regulate the economy and enforce laws Free Enterprise: competition is encouraged and allowed to flourish Market: a place where buyers and sellers come together Capitalism: private citizens own the factors of production

Question to ponder: The U.S. economic system is often called a mixed system. We are not purely market but also not a command economy. How are we a mixture of both?

What is unique about the U.S. economic system? Our 5 Unique Characteristics: 1.Economic Freedom 2.Private Property Rights 3.Voluntary Exchange 4.Competition 5.Profit Motive