Скачать или смотреть Understand US Economic System Foundations | GED Social Studies Lesson

This video will help you understand US economic system foundations for GED social studies to pass faster and earn a higher score. Economics is very complicated and I’m not an expert. My goal is to teach you the main things you should know for the GED

If you missed my first video on economics for the GED, you can watch it now: GED Social Studies Basic Economics Explained Simply,    • GED Social Studies Basic Economics Explain...  

Quick notes from the video:

Laissez-faire Capitalism: An economic system in which transactions are free from government intervention and regulation

Competition is a basic principle of laissez-faire capitalism.

In theory, competition leads to better deals for the customers and innovation.

Adam Smith was an economist and philosopher from Scotland. Smith died on July 17th, 1790, but his ideas still shape today's US economic system. Smith wrote a book in 1776 called An Inquiry into the Nature and Causes of the Wealth of Nations, which is considered his magnum opus.

"By pursuing his own interest he frequently promotes that of the society more effectually than when he really intends to promote it."
-Adam Smith

What do you think about the quote above? Do you agree? Disagree?

Free enterprise is an economic system in which private businesses compete against other private companies, functioning mostly without government regulation or control

A monopoly occurs when one individual/company gains a dominant advantage over the competition to the point where competitors are excluded.

"Every person who shall monopolize, or attempt to monopolize, or combine or conspire with any other person or persons, to monopolize any part of the trade or commerce among the several States, or with foreign nations, shall be deemed guilty of a misdemeanor, and, on conviction thereof; shall be punished by fine not exceeding five thousand dollars, or by imprisonment not exceeding one year, or by both said punishments, in the discretion of the court."
-Sherman Antitrust Act of 1890, section 2

An oligopoly occurs when a group of individuals or companies work together to create a dominant advantage in the marketplace, which excludes other businesses from competing



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