Modern Economies In this lesson, students will identify characteristics of modern economies....
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Transcript of Modern Economies In this lesson, students will identify characteristics of modern economies....
![Page 1: Modern Economies In this lesson, students will identify characteristics of modern economies. Students will be able to define and/or identify the following.](https://reader036.fdocuments.net/reader036/viewer/2022062518/56649f355503460f94c53af7/html5/thumbnails/1.jpg)
Modern Economies
In this lesson, students will identify characteristics of modern economies.
Students will be able to define and/or identify the following concepts and terms:
Mixed Economy
Laissez-faire
Free Enterprise
![Page 2: Modern Economies In this lesson, students will identify characteristics of modern economies. Students will be able to define and/or identify the following.](https://reader036.fdocuments.net/reader036/viewer/2022062518/56649f355503460f94c53af7/html5/thumbnails/2.jpg)
Just as this apple is not perfect, economicsystems are not perfect. While a centrallyplanned economy has many problems, afree market economy is far from perfect.
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A Mixed Economy• A mixed economy combines elements of
different economic systems to meet the needs of the society.
• While modern economies are mixed, every mixed economy is slightly different from every other mixed economy.
• Some nations lean more towards central planning with some private ownership while other nations are predominantly free market with limited government intervention.
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The Chinese communists seized powerin 1949. However, today, the Chineseembrace elements of the free market.
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The Chinese communists realized that workers needed incentives or reasonsfor increasing productivity.
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The United States is a mostly freemarket economy. However, the government does intervene in themarket.
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It is important to remember that manyabuses occurred in a totally free market.Child labor is one example of thisabuse.
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Laissez-faire
• Laissez-faire was the belief that the government should not intervene in the market.
• It meant “let them do (as they please).”
• It allowed businesses to operate without any restrictions.
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Without government intervention, warninglabels would not exist.
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Heroin could be purchased in yourlocal supermarket.
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Government intervention protectsour environment and our lives.
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Free Enterprise
• The United States’ economic system is called the Free Enterprise system.
• A Free Enterprise system is a mostly free market economy with limited government intervention.
• The government does intervene in the economy when it is in the public interest.
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So, modern nations have mixed economies.However, like milkshakes, mixed economiesare not mixed the same.
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Questions for Reflection:
• Define a mixed economy.
• What problems are created by central planned economies?
• What problems are created by free market economies?
• Define Laissez-faire.
• What is the Free Enterprise system of the United States?