Module 1 Lesson 3 Guided NotesName_______________________ Google Doc Access Directions: ●Please click onFilein the upper left corner. ●If you are working on a Chromebook or Google Docs, choose theMake a copy optionand save a copy of the document to your Google Drive. ●If not, choose theDownloadas an option and then theMicrosoft 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 CapitalismAn economic system in which citizens own and use the factors of production Free enterpriseBusinesses 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 1Lesson 3Guided NotesName_______________________ Features of Free Enterprise Laissez-Faire Market Situations Within Capitalism Monopoly Oligopoly Monopolistic competition Pure competition 2