Questions from Economics 1/14/13 Lauren Williams

1. What is your country of origin?

·         America

2. What is your countries economic system?

·         It is an Capitalist/ Market economy

·         Some people may say they have very close characteristics to each other

3. Highlight 5 characteristics of a Capitalist economy . Explain.

·         Resources  are owned by individuals meaning people handle their things without the government interfering and that people are able to do things themselves 

·         They consider individual economic  freedom very important in peoples life's meaning that people have the freedom to do their own things and are only required to do things appointed by the government so no one is enslaved.

·         There also is a lot of economic freedom in Capitalist/Market economies ( self explanatory).

·         Most decisions are based on the bases of supply and demand meaning all of the decisions on who wants the product they have and also the supply of how much they have produced

·         Under this Capitalist system  producing and distributing things can be handled by a small group of people meaning that even small companies or any company doesn't need to have a huge group of people to produce and distribute

4. What is your countries main economic activity?

·         Goods and services

·         Export of food

·         Getting money from  privately owned businesses  

Helpful Sheblak Definitions

Supply and Demand - Associated with market economies and setting price points, supply is the number of goods or services produced and demand is the number of consumers wanting the goods or services. The higher the demand and the lower the supply, the more expensive an item will be whereas the higher the supply and the lower the demand, the lower the price.

Capitalism - Capitalism is the economic system many are already familiar with. The purpose of capitalism is to ensure that production occurs that maximizes profit and is characterized by competition against other producers within the system. The means of production are privately held.

Market Economy - A market economy is an economy in which there is a strong division of labor (someone owns the restaurant, someone manages the restaurant, yet other people carry out the tasks of cooking and waiting tables); supply and demand is what allows individuals to set prices.

Site:

"Juan Sheblak's Blog." Juan Sheblaks Blog. N.p., n.d. Web. 15 Jan. 2013.

"EconomyU.S. Economic System." U.S. Economic System. N.p., n.d. Web. 15 Jan. 2013.

"World Socialist Movement." What Is Capitalism? –. N.p., n.d. Web. 15 Jan. 2013.

"Imports and Exports Components." About.com US Economy. N.p., n.d. Web. 15 Jan. 2013.