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  • Chapter 3 - Funsheet 1

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    Mr. Powers
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    The document provides an overview of key economic concepts related to markets and the American economic system. It defines a market as anything allowing buyers and sellers to exchange goods or services. It also defines market failure as a situation where the market does not distribute resources efficiently on its own. Additionally, it outlines the differences between private goods, which are produced and distributed through supply and demand forces in a competitive for-profit system, and public goods, which are produced by the government for public consumption in a non-exclusive and non-rival manner through public financing.

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    The document provides an overview of key economic concepts related to markets and the American economic system. It defines a market as anything allowing buyers and sellers to exchange goods or services. It also defines market failure as a situation where the market does not distribute resources efficiently on its own. Additionally, it outlines the differences between private goods, which are produced and distributed through supply and demand forces in a competitive for-profit system, and public goods, which are produced by the government for public consumption in a non-exclusive and non-rival manner through public financing.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as DOC, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as doc, pdf, or txt
    181 views1 page

    Chapter 3 - Funsheet 1

    Uploaded by

    Mr. Powers
    The document provides an overview of key economic concepts related to markets and the American economic system. It defines a market as anything allowing buyers and sellers to exchange goods or services. It also defines market failure as a situation where the market does not distribute resources efficiently on its own. Additionally, it outlines the differences between private goods, which are produced and distributed through supply and demand forces in a competitive for-profit system, and public goods, which are produced by the government for public consumption in a non-exclusive and non-rival manner through public financing.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as DOC, PDF, TXT or read online from Scribd
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    Download as doc, pdf, or txt
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    ECONOMICS Chapter 3 - Funsheet 1 - KEY

    C3 EQ: How does the American economic system promote efficiency through the way they produce & distribute goods & services? Standard: SSEF5 1. Instructions: You will be given a compare and contrast writing task on the SmartBoard. Compare and contrast writing tasks involve explaining how two or more things are alike and different. Your response must use complete sentences. You have five minutes to complete the task. 2. GPS Standard task: a. __________ b. __________ c. __________

    #1 & #2 were in-class writing assignments

    3. A market is anything that allows buyers & sellers to exchange a certain economic product. 4. A market failure is a situation in which the market, on its own, does not distribute resources efficiently. 5. Two types of goods are: a. private b. public
    Private Goods Use the forces of supply & demand to produce & distribute They are for profit and they exclude nonpayers They are rival and have competition Consumption diminishes the amount available to others

    Below: Table done on back of funsheet

    Public Goods Produced by government & consumed by the public as a group Impractical or impossible to exclude nonpayers Consumption does not diminish benefits to others Financed by the public sector

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