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Transcript of Economic Systems
Business owners keep the profits they earn.
Economic questions are answered by people as they participate in the economy. The government owns most of the property, natural resources, and businesses.
The government makes basic economic decisions.
The government also sets prices of goods and what people earn for their work. Economic decisions are based on custom and tradition. Elements of more than one of the other economic systems are used to make economic decisions. The way that a society answers its three basic economic questions. What are the basic economic questions? Economic Questions What to produce? For whom to produce? How to produce? What is an economic system? What kinds of goods and services should be produced? What resources are used to produce goods and services? Who gets to have the goods and services? Give answers to Describes how the economy of a society or country is organized. There are not enough productive resources to provide all the resources or goods wanted by citizens of a country. Scarcity: natural resources
capital resources Determines how a country will use its productive resources. A main feature of the U.S. economy is the economic freedom given to private companies. Businesses are allowed to make the majority of economic decisions decide what and how much the U.S. economy produces. This economic freedom is enhanced by relatively low levels of government regulation and involvement in business, as well as a federal court system that protects private individual’s right to their property and enforces contracts. Today, the United States is home to 29.6 million small businesses, 30% of the world's millionaires, 40% of the world's billionaires, as well as 139 of the world's 500 largest companies.
The United States has many mineral resources and fertile farm soil, and it is fortunate to have a moderate climate. It also has extensive coastlines on both the Atlantic and Pacific Oceans, as well as on the Gulf of Mexico. Rivers flow from far within the continent, and the Great Lakes provide additional shipping access. These waterways have helped shape the country's economic growth over the years and helped bind America's 50 individual states together in a single economic unit. American economy?