Survey
* Your assessment is very important for improving the workof artificial intelligence, which forms the content of this project
* Your assessment is very important for improving the workof artificial intelligence, which forms the content of this project
Characteristics of the U.S. Economy The United States economy is primarily a free market economy; but because there is some government involvement it is mixed economy. characterized as a _______ The government works to protect consumers and businesses. Sometimes, they may seem to be too protective: Free Markets Buying and The U.S. generally has a free market policy. __________ selling are allowed to happen ___________ without much ___________ government interference from the __________________. Businesses in the U.S. are operated in order to profit make a _______. money left over after all ____________ expenses have Profit is the _________ paid been _______. incentive for business to exist. This is the ____________ Slappy's Ice Cream Shop Taxes 15% 12% Rent 25% 20% What is Slappy’s biggest expense? Salaries Supplies 28% What percentage of his earnings does Slappy keep as profit? Profit What could Slappy do to increase his profits? The government encourages ______________ between businesses. competition rivalry between businesses for the same There is __________ quality and lower ______________, resulting in better __________ customers prices ___________. How does competition benefit these consumers? Private Property Individuals and ______________ businesses can own the means of _____________ production and ___________ private property. ______________ Government is owner and decision maker for the public sector. (roads, courts, schools…) Individuals and businesses are owners and decision makers for the private sector. (houses, shops, factories…) Consumer Sovereignty Consumers determine what goods and services are ______________ buy produced by what they ________. ____________ Businesses produce demand goods that meet ___________. High demand Low demand Many products are presented to consumers, but consumer sovereignty determines which ones will be successful. “If we don’t buy it, they won’t keep making it.” – Mr. Knoche Government Influence protect regulates businesses to _____________ Government ____________ promote competition. citizens and _____________ Government intervenes in a market economy when the perceived benefits of a government policy outweigh the anticipated costs. What do you think is the opinion of this artist?