Middle School level econ history lecture

1. The Free-Market Capitalist Economy Economics !

2. What is a Free Market Economy ?

3. The Free Market Business governed by the laws of supply and demand, not restrained by government interference, regulation or subsidy. "Laissez-Faire" Capitalism Physiocrats

4. The LAW OF SUPPLY The Law of Supply states that the quantity of a good supplied rises as the market price rises, and falls as the price falls

5. Law of Demand The Law of Demand says that the quantity of a good demanded falls as the price rises, and rises as the price falls.

6. Equilibrium Price The market price at which the supply of an item equals the quantity demanded .

10. The Great Depression & New Deal 1933 -1941

11. The Era of Big Government Begins