Do You Know WHAT A Recession Is?

Good explanation of exactly what a recession is in two minutes...but trust you'll know some terminology in the video you wouldn't have understood two weeks ago!!

Student Work - Which Economic System Would You Be & How Would It Work?

Actually, more of a mixed economy, right?

The government uses tax revenue to fund education, military, and transportation. Everything else is privatized and open to the free market. This limited government intervention within a free market is characteristic of a mixed economy (making the "free market" a "free enterprise" system).

No social benefits...education, military, and transportation qualify as social benefits, but I am assuming they mean health care, public housing, etc.

Like a centrally planned economy, the government funds the systems it calls its own. However, the rest of the market is totally "laissez faire" (government stays "hands off"). So, VERY limited government involvement. Bunch of conservatives here, it looks like!

Up to members of society whether they want to contribute or not...interesting...you'd have some fans!! The only issue is that if there are some centrally run systems that the government "owns," they will place some tax burden on every citizen to fund it. That is how government run systems get the money for their upkeep and operation.

Apart from a few government provided services, the only real right of government in the market is to enforce contracts. That would be a simple Constitution!!

Student Work - Economic Continuum Posters

Good work, guys (and girls).

Neptune, circa 2010...King of the Economy!

Section 3 Vocabulary 2/17

Complete Chapter 3 key terms, all sections.

Chapter 3, Section 1 -- Additional Notes

These concepts were covered in the chapter section, but not in the class discussion...they might show up on the chapter test.


NOTES:

The role of government in a Free Enterprise system is to protect, not restrict the market. A couple of examples demonstrating how government protects the market and the ultimate rulers of the market, the consumers:

Public Disclosure Laws – These require businesses to publish important information about their products. For example, labels on food or tags on electronic items that warn us or give us helpful information about such things as energy efficiency. These help consumers make decisions in the marketplace

Federal Regulations – These are restrictions placed on businesses, presumably for the common good (See Figure 3.2, p.55)

Positives: Regulation agencies like the FDA can help protect you from harmful products

Negatives: Rules can be costly to put in place, cutting profits…rather than taking the hit, businesses often pass those costs on to the consumer

Animated Vid and Song About Investing

School House Rock - The National Debt Song