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Group Activity:

Each group will create a poster depicting one of the characteristics of a market economy. On the poster, include your characteristic, a short description, and a picture. Use color pencils or markers. Make them pretty (:

  • Group 1- Private Property Rights
  • Group 2- Voluntary Exchange
  • Group 3- Competition
  • Group 4- Consumer Sovereignty
  • Group 5- Incentives
  • Group 6- Specialization

Characteristic 6: Specialization

When individuals regions, and countries produce certain kinds of goods or services.

Characteristic 5: Incentives

Consumer: Someone who buys goods or services (the buyer)

Example: farmers grow crops for food, while doctors help sick people get better. Since they are both busy with their jobs, they rely on trade to get what they want.

Incentives are awards or rewards that influence the choices people make.

Example: sales at stores, cupons, BOGO

Can you think of an example of a producer and consumer?

Producer: Someone who makes goods or provides services (the seller)

Example: Think of an ecosystem

What is a Market Economy?

Characteristics of a Market Economy

The United States has a Market Economy. This type of economic system is based on the interactions of producers and consumers.

Characteristic 2: Voluntary Exchange

Characteristics 1: Private Property Rights

This means consumers are free to buy what they want and producers are free to sell what they want.

Both buyers and sellers want to bennefit from the exchange.

Characteristic 4:

Consumer Sovereignty

In a Market Economy, almost everything is owned by individuals or private businesses, not by the government.

Private property rights allow individuals and businesses to control the resources they use. It enables people to get and use the resources they choose.

The consumer is King!

This means that the consumer's (or buyer's) wants and needs determine what businesses produce.

Characteristic 3: Competition

When businesses sell the same good or service.

Example: fast food restaurants are often in competition.

What is another example of competition?

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