The economy is where all the money is and it is very important to our country that the people understand how the economic system is prioritized.
The Market Economy
A market economy is when all the economic decisions are determined by supply and demand.
What is a Market Economy?
Well what are the 5 characteristics of it?
Let me show you.
Private Ownership-One person or one business can only own it.
Profit Motive-The want to work to make more money.
Consumer Sovereignty-The want and needs of a consumer controls producers output.
Competition-A battle between sellers.
Government Regulation-To protect the people and environment.
Well shouldn't they have some goals?
Yes it would. They are called "Social Economic Goals"
The goals are, Stability, Efficiency, Growth, Equity, Freedom, and Security.
But how will it prioritize them?
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The economy is where all the money is and it is very important to our country that the people understand how the economic system is prioritized.
The Market Economy
A market economy is when all the economic decisions are determined by supply and demand.
What is a Market Economy?
Well what are the 5 characteristics of it?
Let me show you.
Private Ownership-One person or one business can only own it.
Profit Motive-The want to work to make more money.
Consumer Sovereignty-The want and needs of a consumer controls producers output.
Competition-A battle between sellers.
Government Regulation-To protect the people and environment.
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