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FurlongEcon

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8th Grade Civics US Economy Business Types - Power Point Notes

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FurlongEcon

  1. 1. The U.S. Economic System: SOL CE: 9c 10a The student will demonstrate knowledge of economics by describing the characteristics of the U.S. economy and the 3 ways to organize a business. Organizing a Business in a Mixed Economy
  2. 2. In the U.S., <ul><li>private individuals, businesses, and the government share economic decision-making. </li></ul>
  3. 3. CHARACTERISTICS OF THE U.S. MIXED ECONOMY
  4. 4. CHARACTERISTICS OF THE U.S. MIXED ECONOMY Free Market Markets are allowed to operate without undue interference from the government.
  5. 5. CHARACTERISTICS OF THE U.S. MIXED ECONOMY Private property Individuals and businesses have the right to own personal property and the means of production without undue interference from the government.
  6. 6. CHARACTERISTICS OF THE U.S. MIXED ECONOMY Profit earnings after all expenses have been paid
  7. 7. CHARACTERISTICS OF THE U.S. MIXED ECONOMY Competition rivalry between sellers of a good or service resulting in better quality at a lower price
  8. 8. CHARACTERISTICS OF THE U.S. MIXED ECONOMY Consumer Sovereignty consumers determine through purchases, what goods and services will be produced
  9. 9. <ul><li>On the back side… </li></ul>
  10. 10. TYPES OF BUSINESS OWNERSHIP Proprietorship <ul><li>One owner </li></ul><ul><li>Takes all of the risks </li></ul><ul><li>Keeps all the profits </li></ul>Partnership <ul><li>Two or more owners </li></ul><ul><li>Share all of the risks </li></ul><ul><li>Share all of the profits </li></ul>Corporation <ul><li>Authorized by law to act as a </li></ul><ul><li>“ legal” person </li></ul><ul><li>Owners share the profits </li></ul><ul><li>Owner risk liability is limited to </li></ul><ul><li>investment (stocks) </li></ul>

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