The Free Market Name: Date: Define Key Terms (page 28) 1) 2) 3)

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The Free Market The Free Market Name: Date: Define Key Terms (page 28) 1) 2) 3)

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Transcript of The Free Market Name: Date: Define Key Terms (page 28) 1) 2) 3)

Page 1: The Free Market Name: Date: Define Key Terms (page 28) 1) 2) 3)

The Free MarketThe Free Market

Name: Date:

Define Key Terms (page 28) 1) 2) 3)

Page 2: The Free Market Name: Date: Define Key Terms (page 28) 1) 2) 3)

Warm up/Page 33 Read Profile Warm up/Page 33 Read Profile Adam Smith Adam Smith

Describe and give an example of what “self interest” means to you?

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THE FREE MARKETTHE FREE MARKETCHAPTER 2 SECTION CHAPTER 2 SECTION 22

Economics

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The Free Market QuestionsThe Free Market Questions

How do free markets operate?

How can markets regulate themselves?

What are the advantages of a free market economy?

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Markets exist because NONE of us produces

all the goods and services we require to satisfy our needs and wants.

A market is an arrangement that allows buyers and sellers to exchange goods and services.Specialization is the concentration of the productive efforts of individuals and firms on a limited number of activities.

Why Do Markets Exist?Why Do Markets Exist?

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monetary flow

physical flow

monetary flow

physical flow

Circular Flow Diagram of a Market Economy

Households Firms

Product market

Factor market

Households pay firms for goods and services.

Firms supply households with

goods and services.

Households supply firms with land,

labor, and capital.

Firms pay households for land, labor, and

capital.

The Free Market EconomyThe Free Market Economy

In a free market economy, households and business firms use markets to exchange money and products. Households own the factors of production and consume goods and services.

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The Market’s Self-Regulating The Market’s Self-Regulating NatureNature

In every transaction, the buyer and seller consider only their self-interest, or their own personal gain. Self-interest is the motivating force in the free market.

Producers in a free market struggle for the dollars of consumers. This is known as competition, and is the regulating force of the free market.

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The Invisible HandThe Invisible Hand

The interaction of buyers and sellers, motivated by self-interest and regulated by competition, all happens without a central plan. This phenomenon is called “the invisible hand of the marketplace.”

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Advantages of the Free Advantages of the Free MarketMarket

Economic Efficiency As a self-regulating

system, a free market economy is efficient.

Economic Growth Because competition

encourages innovation, free markets encourage growth.

Economic Freedom Free market economies

have the highest degree of economic freedom of any economic system.

Additional Goals Free markets offer a wider

variety of goods and services than any other economic system.

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Section 2 AssessmentSection 2 Assessment

1. Why do people need to buy and sell goods or services?(a) People need to buy and sell goods to make a profit.(b) People buy and sell to maintain a competitive society.(c) No one is self-sufficient.(d) People need to provide the market with goods and services.

2. What factors create the phenomenon of the “invisible hand”?(a) incentives and efficiency(b) specialization and efficiency(c) competition between firms(d) competition and self-interest

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Section 2 AssessmentSection 2 Assessment

1. Why do people need to buy and sell goods or services?(a) People need to buy and sell goods to make a profit.(b) People buy and sell to maintain a competitive society.(c) No one is self-sufficient.(d) People need to provide the market with goods and services.

2. What factors create the phenomenon of the “invisible hand”?(a) incentives and efficiency(b) specialization and efficiency(c) competition between firms(d) competition and self-interest

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Section 2 Assessment page Section 2 Assessment page 3232 Key Terms and Main Ideas 1) 2) 5) 6) Applying Economic Concepts 8)


Define the terms heterogeneous and homogeneous .

Define the terms heterogeneous and homogeneous .

7 Terms to Define Spanish Slang And Their Meanings

7 Terms to Define Spanish Slang And Their Meanings

1. Define these terms :

1. Define these terms :

9 The Healthy Human Body 1. Describe body systems and define key anatomical terms Define the following terms: homeostasis the condition in which all of.

9 The Healthy Human Body 1. Describe body systems and define key anatomical terms Define the following terms: homeostasis the condition in which all of.

PROFESSIONALISM IN A CULTURAL CONTEXT. Objectives Define the following terms: Define the following terms: race, ethnicity and culture Describe the basis.

PROFESSIONALISM IN A CULTURAL CONTEXT. Objectives Define the following terms: Define the following terms: race, ethnicity and culture Describe the basis.

Chapter 45 Hormones and the Endocrine System. 1. Define the following terms:1. Define the following terms: A. hormoneA. hormone B. target cellsB. target.

Chapter 45 Hormones and the Endocrine System. 1. Define the following terms:1. Define the following terms: A. hormoneA. hormone B. target cellsB. target.

DATA STORAGE OBJECTIVE At the end of this session the students should be able to: Define the terms Primary and Secondary storage Define the terms Primary.

DATA STORAGE OBJECTIVE At the end of this session the students should be able to: Define the terms Primary and Secondary storage Define the terms Primary.

CREDIT. CAN YOU DEFINE THESE TERMS? CREDIT-- CREDITOR-- PRINCIPAL--

CREDIT. CAN YOU DEFINE THESE TERMS? CREDIT-- CREDITOR-- PRINCIPAL--

Objectives Compare terms anatomy and physiology Compare terms anatomy and physiology Define pathology Define pathology Know right from left when viewing.

Objectives Compare terms anatomy and physiology Compare terms anatomy and physiology Define pathology Define pathology Know right from left when viewing.

Learning objectives: Define the terms ‘Gene’ and ‘Chromosome’ …sonhank.com/wp-content/uploads/2015/10/Genes-Chromosomes.pdf · • Define the terms ‘Gene’ and ‘Chromosome’

Learning objectives: Define the terms ‘Gene’ and ‘Chromosome’ …sonhank.com/wp-content/uploads/2015/10/Genes-Chromosomes.pdf · • Define the terms ‘Gene’ and ‘Chromosome’

Define the following terms: wave, frequency, period

Define the following terms: wave, frequency, period

THE HOLOCAUST OBJECTIVES: DEFINE THE TERMS HOLOCAUST AND GENOCIDE. DEFINE THE TERMS HOLOCAUST AND GENOCIDE. DESCRIBE ANTI- JEWISH POLICIES PASSED BY.

THE HOLOCAUST OBJECTIVES: DEFINE THE TERMS HOLOCAUST AND GENOCIDE. DEFINE THE TERMS HOLOCAUST AND GENOCIDE. DESCRIBE ANTI- JEWISH POLICIES PASSED BY.

LESSON ASSIGNMENT LESSON OBJECTIVES define terms commonly used in

LESSON ASSIGNMENT LESSON OBJECTIVES define terms commonly used in

Define the following terms:

Define the following terms:

Bellwork Define the first five terms on page 74.

Bellwork Define the first five terms on page 74.

My First Free Summer Bell Ringer Monday, September 28, 2015 Use your book (p. 130) to define the following terms: vowed, repressive, extenuating.

My First Free Summer Bell Ringer Monday, September 28, 2015 Use your book (p. 130) to define the following terms: vowed, repressive, extenuating.

Ontology Development 101 Outline - Protég逦 · Ontology-developm ent process determine scope consider reuse enumerate terms define classes define properties define constraints

Ontology Development 101 Outline - Protég逦 · Ontology-developm ent process determine scope consider reuse enumerate terms define classes define properties define constraints

Hello, Everyone! Part I Review Exercises Questions 1. Define the following 4 terms: 1) bound morpheme 2) free morpheme 3) derivational morpheme 4) inflectional.

Hello, Everyone! Part I Review Exercises Questions 1. Define the following 4 terms: 1) bound morpheme 2) free morpheme 3) derivational morpheme 4) inflectional.

I can define, identify and illustrate the following terms

I can define, identify and illustrate the following terms

Lecture Objectives Define Terms :

Lecture Objectives Define Terms :