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 SecurityEconomic Freedom

Price StabilityFull Employment

Economic EfficiencyEconomic 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