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Go #15 u.s. economy 2011 2012

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  • 1.     GO#  15   U.S.  Economy       The  U.S.  economy  is  primary  a  free  market     economy;  but  because  there  is  some     ________________  involvement  it  is     characterized  as  a  ____________________      Markets  are  generally  allowed   Private  Property:  Individuals   Profit:    to  operate  without   and  businesses  have  the  right  to       own  real  and  personal  property       as  well  as  the  means  of    Prices  are  determined  by  supply   production  witout    and  demand  as  buyers  and    sellers  interact  in  the    marketplace.       Competition:     Consumer  Sovereignty:     Consumers  determine  through     purchases  what  goods  and  services   will  be  produced.    Government     involvement  in  the  economy  is     limited.    Most  decisions  regarding     the  production  of  goods  and     services  are  made  in  the  private     sector.     _____________________________________________________________________________________   Circular  Flow     _______________,  _______________  and  _______________,  and  _______________  flow  continuously   among  _______________,  _______________,  and  _______________  in  the  U.S.  Economy.               *                 *                 *                 *    
  • 2.   Private  Financial  Institutions     Private  financial  institutions  act  as  _______________________  between  ________  and     borrowers  that  include  households  and  business  investors.         •       •         •         Business  Organization   There  are  three  basic  ways  that  businesses  organize  to  earn  profits.     Proprietorship     Partnership   Corporation                    Entrepreneur  •      •             Global  Economy   Reasons  that  states  and  nations  trade     •         •         •       •        Virginia  and  the  U.S.  Specialize  in  the  production  of  certain  goods  and  services,  which  promotes  efficiency.       Impact  of  technological  innovations     •     •    

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