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
•
•