1. The American Nation Chapter 1 – Section 4 Economics and Other Social Sciences Copyright © 2003 by Pearson Education, Inc., publishing as Prentice Hall, Upper Saddle River, NJ. All rights reserved.

2. Chapter 1, Section 4 Economics and Other Social Sciences What basic questions do economists ask about society? What are the benefits of free enterprise? How can the social sciences support the study of history?

3. Chapter 1, Section 4 Economists Ask Three Basic Questions About Society What goods and services should we produce? Food, shelter, clothing Consumer goods Construction, transportation Services—education, for example Vary with time and culture How should we produce them? Small enterprises Large factories and farms Technology plays a role For whom should we produce them? Cash economy Economics—the study of how people manage their limited resources to satisfy their wants and needs Consumer—user of goods and services Cash economy—economic system where people exchange money for goods and services – Income and wealth determines what you can consume

4. Chapter 1, Section 4 Benefits of a Free Enterprise System Characteristics of a Free Enterprise System Government plays a limited role in the economy. Private citizens own businesses, decide what to make, how much to make, where to sell, and what to charge. Businesses compete. Benefits of a Free Enterprise System The “know-how” of many individuals contributes to national prosperity. Consumers have freedom of choice. – It is like a democracy. The choices people make influence what is made, how much, and at what price.

5. Economic Smarties What good or service are the smarties representing? What are some needs? What are some wants? Are there enough smarties to provide for all their wants and needs?

6. Economic Smarties – What is the difference??? Capitalist SocietyCommunist Society

7. Chapter 1, Section 4 Other Social Sciences Support the Study of History Social ScienceStudy of...Example Political ScienceGovernmentHow Americans created the Constitution CivicsRights and responsibilities of citizens Freedom of speech, worship, and assembly; voting, military service AnthropologyHow peoples and cultures develop How first Americans spread across the continent SociologyHow people behave in groups Comparing life in a farming community with life in a big city PsychologyHow people think and behave Understanding the views and biases in a primary source Social sciences—studies that relate to human society and social behavior

8. Chapter 1, Section 4 Section 4 Assessment Economists ask questions about _________. a) production of goods and services b) rights and responsibilities of citizens c) sequence of events over time d) how people behave in groups Under the free enterprise system, ____________. a) government controls the economy b) competition is discouraged c) consumers influence the economy through the choices they make d) resources are unlimited Want to connect to the American History link for this section? Click here.Click here.

9. Chapter 1, Section 4 Section 4 Assessment Economists ask questions about _________. a) production of goods and services b) rights and responsibilities of citizens c) sequence of events over time d) how people behave in groups Under the free enterprise system, ____________. a) government controls the economy b) competition is discouraged c) consumers influence the economy through the choices they make d) resources are unlimited Want to connect to the American History link for this section? Click here.Click here.