Copy of Module 1 Lesson 3 Guided Notes

.docx
School
Rowan-Cabarrus Community College **We aren't endorsed by this school
Course
ECON 123
Subject
Economics
Date
Oct 29, 2023
Pages
2
Uploaded by PrivateHamster3691 on coursehero.com
Module 1 Lesson 3 Guided Notes Name_______________________ Google Doc Access Directions: Please click on File in the upper left corner. If you are working on a Chromebook or Google Docs, choose the Make a copy option and save a copy of the document to your Google Drive. If not, choose the Download as an option and then the Microsoft Word (.docx) option to download an editable copy of the document to your computer. Directions: Take notes as you view your lesson. Any place where a _ is included indicates a placeholder for key terms or concepts you should complete. Capitalism and Free Enterprise Capitalism An economic system in which citizens own and use the factors of production Free enterprise Businesses are allowed to compete with little or no government interference. In a command economy, the __ Government __ makes the decisions for the factors of production. Features of Capitalism 1. __ : Places where prices of goods and services are determined. 2. _________________ _________________ : People are free to risk their money, time, and energy into creating a business. Encourages individuals to take risks in a capitalist economy. 3. _________________ _________________ : People can choose what jobs they have and what they can buy. 4. _________________ : The struggle between buyers and sellers to get the best goods and the lowest prices. 5. _________________ _________________ _________________: People can own and use property as they see fit.
Module 1 Lesson 3 Guided Notes Name_______________________ Features of Free Enterprise Laissez-Faire Market Situations Within Capitalism Monopoly Oligopoly Monopolistic competition Pure competition 2
Page1of 2
Uploaded by PrivateHamster3691 on coursehero.com