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Chapter 2: Economic Systems Guided NotesChapter 2, Section 1: Answering the Three Economic QuestionsEconomic System -Three Key Questions:WhatHowWhoEconomic GoalsEconomic SystemsSection 1 AssessmentWhat is an economic system?How do a traditional economy, a market economy, a command economy, and a mixed economy differ?You and your friends decide to earn money by washing cars. How are the three economic questions answered in this market?Chapter 2, Section 2: The Free MarketMarket – Why Markets ExistSpecialization – Free Market EconomyUsing the diagram, explain what is exchanged in the factor market? What is exchanged in the product market?Self-Regulation of the MarketplaceSelf-Interest – Competition – Advantages of the Free MarketEconomic Efficiency –Economic Freedom –Economic Growth –Additional Goals –Section 2 AssessmentHow does specialization make us more efficient?What are the roles of households and firms in a market economy?How does competition among firms benefit consumers?Chapter 2, Section 3: Centrally Planned EconomiesOrganizationCentrally Planned Economy – Problems of Centrally Planned EconomiesSection 3 AssessmentWhy do centrally planned economies have difficulty meeting consumer needs?Chapter 2, Section 4: Modern EconomiesRise of Mixed EconomiesLaissez-Faire – Limits of Laissez-Faire –Government’s RoleUsing the diagram, explain how government actions affect the circular flow model in a mixed economy. How does this differ from the circular flow model in a free market?The United States EconomySection 4 AssessmentWhat is Laissez-Faire?What benefits might citizens of a centrally planned economy derive from a move toward a market-based system? ................
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