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2  chapter  The BIG Idea Every society has an economic system to allocate goods and services.  Why It Matters As an Americ...
section  1  Economic Systems  GUIDE TO READING Section Preview In this section, you will learn about the four basic types ...
All economic systems face the same basic questions  What should be produced  How should it be produced  For whom should it...
Jeff Zelevansky Reuters CORBIS  How Should It Be Produced  After deciding what to produce, an economic system must then de...
There are four basic types of economic systems  traditional, command, market, and mixed.  Economics   You  How would you f...
Gerald Bourke EPA Landov  An advantage of living in a traditional economy is that you know what is expected of you. In add...
market economy  system in which individuals own the factors of production and make economic decisions through free interac...
Figure 2.2  Circular Flow of Income and Output See StudentWorks    Plus or go to glencoe.com.      The circular flow of ec...
mixed economy  system combining characteristics of more than one type of economy  Mixed System A mixed economy combines ba...
ECONOMIST  1806   1873   John Stuart Mill     English Philosopher and Radical Reformer  Library of Congress      Author of...
2  Characteristics of the American Economy  GUIDE TO READING Section Preview In this section, you will learn about the maj...
Under capitalism, government plays a relatively limited role in the allocation of resources.  Economics   You  Do you thin...
In a free market, economic activity is coordinated by private businesses and individuals responding to market signals.  Ec...
Scott Olson Getty Images  Although buyers are free to make choices in a free-market economy, the marketplace has become in...
Private Property One of the most important characteristics of capitalism is the existence of private property, or property...
section  3  The Goals of the Nation  GUIDE TO READING Section Preview In this section, you will learn about the goals of t...
The economic goals of free enterprise are freedom, efficiency, equity, security, stability, and growth. Personal Finance H...
 l  Frances Roberts Alamy Images,  r  Joel Stettenheim CORBIS  The issue of fairness underscores the goal of economic equi...
Rights and Responsibilities Individuals have both rights and responsibilities within a free-enterprise system.  Economics ...
section  4  Socialism and Capitalism  GUIDE TO READING Section Preview In this section, you will compare the characteristi...
Pure Socialism Pure socialism is characterized by centralized economic planning and state ownership of the factors of prod...
Marx believed that capitalists exploited 3FC  F LEC  PMK   NGR JGQK RM the proletariat, or used them unfairly. 2MAG JGQK  ...
The main benefits of capitalism are economic efficiency and individual freedom.  Economics   You  Which do you value more ...
Jose Luis Pelaez, Inc. CORBIS  All Economies Are Planned It is often said that pure socialism requires centralized plannin...
on the Economy  RUSSIA  SHOPPERS GONE  WILD  Russian consumers are on a buying spree. Check It Out   In this chapter you l...
chapter  2  Visual Summary  Study anywhere, anytime  Download quizzes and flash cards to your PDA from glencoe.com.      A...
chapter  2  Assessment   Activities  Review Content Vocabulary 1. Imagine that a new country is being formed and wants to ...
 CONOMICS  Thinking Like an Economist 20. Imagine that a school club to which you belong wants to raise money to go on a g...
Debating Economic Issues Should the best event tickets go to the highest bidder   S  uppose your favorite team makes the p...
YES   It   s more efficient and means more revenue for artists and promoters  Concert promoters like full venues. Big crow...