3. What role does the consumer play in determining the goods that are produced? (consumer
sovereignty)
4. What type of free enterprise system do we now have in the U. S.? What roles does the
government play in this system? (mixed or modified free enterprise economy)
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5. What do we call the price floor for worker's wages? What economic and social goal does such a
price floor serve? (minimum wage)
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3)  Consumer sovereignty concerns the principle of hedonism, individualism and, as some economists often say, selfishness, or exacerbated individual freedom, where the human being has complete freedom to do, whatever he wants and understands and, anywhere, nothing interferes with the decisions of those who need to satisfy their needs. This economic philosophy adopts the principle of laissez faire, or in other words, what works is Adam Smith's infamous invisible hand, or more clearly, the system where the government does not interfere in the economy, it exists only to coordinate the political and social system, without active participation in the development of economic activity. It is what is called in the classic and neoclassical language, an economy of free competition, that is to say, everyone is free before their preferred choices.

4) The economic system in the US is free enterprise.  Free enterprise is a principle that establishes the possibility for ordinary people to participate in the market without the need for authorization or approval by the State. If you have the possibility to open a company, sell a product and negotiate the price that is right for you, you owe it to the principle of free enterprise.

The government has a fundamental role in the economic system, such as legislating, placing wealth in the market, as well as inspecting these systems.

5) The price floor wage is the lowest wage a company can pay for an employee.  It is established by law and is reassessed every year based on the cost of living of the population, its creation was made based on the minimum amount that a person spends to guarantee their survival.

The most common price floor is the minimum wage--a minimum price that can be payed for labor.

the reform movements that arose during the antebellum period in america focused on specific issues: temperance, abolishing imprisonment for debt, pacifism, antislavery, abolishing capital punishment, amelioration of prison conditions (with prison's purpose reconceived as rehabilitation rather than punishment), the humane treatment of animals, the humane and just treatment of native americans, the establishment of public institutions for the care of the destitute, orphans, blind, and mentally ill, the establishment of public schools, the abolition of tobacco use, vegetarianism, health reform, homeopathic medicine, woman's rights (including, at first, especially the establishment of a woman's right to own property apart from her husband and her right to sue for divorce), and the amelioration of labor conditions (including higher pay, the right to form unions, the right to strike, and the demand for limits on the number of work hours, and safe working conditions).

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the growing interconnectedness of the world through communication, trade, and the exchange of ideas is an important theme in the history of the 20th and 21st centuries.

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