Lesson 2 Key Points Vocabulary Terms Tradition - something that is passed down from one group to another. In general, people are free to buy and sell whatever they want. Are you able to identify the basic ides of traditional and command economic systems? Are you now able to discuss Adam Smith's contribution to modern economics?. These factors mean that people in traditional economies must directly answer the three economic questions for themselves. Agriculture - farming Consumer goods - everyday items that people purchase Socialism - the belief that governments rather than individuals should own a country's major industries.
Competition - a contest between businesses or individuals to sell a product or service. Review answers on the quiz and print it out. Did you learn these Objectives? Lesson 3 Key Points Vocabulary Terms Profit - money left over after all the costs of production have been paid. The way a country answers the questions is how it provides for its people's needs and wants. Can you compare traditional, command, and market economic systems? Some countries try to even out the amount of money people earn. Welfare - aid money or goods for those in need Democracy - a government in which citizens take part Representative - an elected leader who makes and carries out laws. Read Pages 31-32 take notes of important ideas Do you know the answers to the questions on page 33? Hard workers have an incentive to mae more profit.
Read Pages 24-26 take notes of important ideas Do you know the answers to the questions on page 26? Are you able to describe the role of government in two different economic systems? See below for help Take the quiz on You may use the book, notes and Key Points for help on the quizzes. Ancestor - a person who lives before your time Rural - away from the city Command economy - an economy in which government leaders give the answers to the three economic questions. Heavy industry - large-scale production of basic items. The government also plays an important role by passing laws. Banking Section 2 Assessment p.
If resources are used to produce one thing, fewer resources are available to produce something else. Communism - a government in which the government owns all property Dictatorship - a government in which the people have no rights; one person or a small group of people rule the country by force and make all the laws. In a communist system, all people receive the same rewards regardless of how hard they work. Democratic socialism - a government in which the people have a say in government but in which the government owns the major industries. See below for help Take the quiz on You may use the book, notes and Key Points for help on the quizzes.
Read Pages 27-30 take notes of important ideas Do you know the answers to the questions on page 30? Utilities - items such as electricity, water, or gas. As industry grew, the need for jobs grew. Capitalism - A system in which individuals and private businesses own and control production also called market economy Incentive -something that makes a person take an action. This will be very useful when you are studying for the test. The countries may have a few very poor people and a large middle class.
Can you find your fundamental truth using Slader as a completely free Economics: Concepts and Choices solutions manual? However, some individuals own their own land or business. Visually Scan Pages 27-30 for pictures and diagrams, read each of the captions. Can you distinguish between socialism and communism? See below for help Do you know the vocabulary words? Read the title and think about how it might relate to the chapter. Invisible hand - Adam Smith's idea that competition acts like an invisible hand; it pushes people to do what is best for themselves. Chapter 1 The Economic Way Of Thinking 1. Shed the societal and cultural narratives holding you back and let free step-by-step Economics: Concepts and Choices textbook solutions reorient your old paradigms.
Visually Scan Pages 31-32 for pictures and diagrams, read each of the captions. Can you name two different types of economic systems? Traditional economy - an economy that does things as they were done in the past; custom and tradition determine answers to the three economic questions. Some countries have a few very rich people who get most of what is produced. See below for help Take the quiz on You may use the book, notes and Key Points for help on the quizzes. Congratulations you finished the second chapter! They also have more limited access to markets. Market - a place where people come together to buy and sell.
Visually Scan Pages 24-26 for pictures and diagrams, read each of the captions. The remainder of the answer will vary, but you should include reasons for your answers. Can you describe the factors involved in answering the three basic questions required for all economic systems? These laws may be about wages, working conditions, or ages of workers. Preparing for Chapter 2 Test Turn to Page 36 to the Document-Based Reading section. On pages 38-39 you will find the Chapter 2 review, complete the review.
Read Pages 34-35 take notes of important ideas Do you know the answers to the questions on page 35? Some markets exist where people buy and sell what they want. If you don't know the answers, Turn to Page 37 and read the Chapter 2 summary. New industry also gave people all over the world the opportunity to buy and sell new products. Visually Scan Pages 34-35 for pictures and diagrams, read each of the captions. Check your answers with those in the Take the Review the answers then print the results for your records.
Can you describe the links between competition, profit, and a market economy? Read page 36 and answer the questions. Sailing around the tip of Africa also helped the bourgeoisie. . . .