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Title: Market Economy EQ: How Does a Market Economy Work? Cornell Notes *Adam Smith • Scottish Philosopher & Economist • Believed in a free economy/enterprise Market/Capitalist Economy: • A private ownership (a person owns a business) of production with little or no gov’t control. • Individual companies decide: • How and what to produce & the $ of product. *Free Enterprise • We are free to open any business. Command Economy (Communism): • A government that controls its economy: • What to produce, how to produce & price for goods. • Gov’t owns property. *Supply • The amount of a good or service that producers are willing & able to offer for sale. *Demand • Quantity of a good or service that buyers are willing & able to buy. *Private Property • Belongs to the people & not the gov’t. *Limited Gov’t • Gov’t does not put too many controls on what the business produces & the prices they will set. *Competition: • Gives consumers a choice at the products they will buy. • Forces people to make better products to stay in business. *Property Rights • If property belongs to you, its value impacts you. Incentives • Benefit or reward if you care for your home…if so, the more it is worth. *Eminent Domain: • 5th amendment = allows gov’t to take private property for public use only. Summary!! Today’s Topic,______________________, dealt with___________________________ . One of the key ideas was_______________. This is important because_______________. Another key idea was ________________, which was important because___________. These ideas are useful/important because____________________________. Creating Own Questions • I Do, We Do, You Do!