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December 2024!
December 2024!
Essential Question:
Essential Question:
How did big businesses in the late 1800’s and early 1900’s help the United States economy grow quickly?
How did big businesses in the late 1800’s and early 1900’s help the United States economy grow quickly?
Objective:
Objective:
What is our economic system here in America?
What is our economic system here in America?
Economic Systems
TWO SYSTEMS:
Capitalism
Socialism
Other characteristics of capitalism include the following:
Other characteristics of capitalism include the following:
Free competition. The basic rule of capitalism is that people should compete freely without interference from government or any other outside force. Capitalism assumes that the most deserving person will usually win.
Free competition. The basic rule of capitalism is that people should compete freely without interference from government or any other outside force. Capitalism assumes that the most deserving person will usually win.
Supply and demand. In a capitalist system prices are determined by how many products there are and how many people want them. When supplies increase, prices tend to drop. If prices drop, demand usually increases until supplies run out. Then prices will rise once more, but only as long as demand is high.
Supply and demand. In a capitalist system prices are determined by how many products there are and how many people want them. When supplies increase, prices tend to drop. If prices drop, demand usually increases until supplies run out. Then prices will rise once more, but only as long as demand is high.
These laws of supply and demand work in a cycle to control prices and keep them from getting too high or too low.
These laws of supply and demand work in a cycle to control prices and keep them from getting too high or too low.
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