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ECONOMICS

ECONOMICS. NEW WAYS OF THINKING. UNIT I. INTRODUCTION TO ECONOMICS. CHAPTER 3. FREE ENTERPRISE. Objectives Section 1 CHARACTERISTICS OF FREE ENTERPRISE. Explain what goods will be produced in a free enterprise economy

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ECONOMICS

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  1. ECONOMICS NEW WAYS OF THINKING

  2. UNIT I INTRODUCTION TO ECONOMICS

  3. CHAPTER 3 FREE ENTERPRISE

  4. Objectives Section 1CHARACTERISTICS OF FREE ENTERPRISE • Explain what goods will be produced in a free enterprise economy • Tell who decides what goods will be produced in a free enterprise economy • Explain for whom goods will be produced in a free enterprise economy • List five major features of free enterprise • Describe the circular flow of economic activity

  5. Tennessee Curriculum StandardsSection 1 • Standard 3: Allocation of Goods and Services • Standard 4: Role of Incentives • Standard 5: Gain from Trade

  6. Key TermsSection 1 • Private Property • Public Property • Household • Circular Flow of Economy Activity

  7. Lecture Section 1 • How Does Free Enterprise Answer the Three Economic Questions? • Five Features of Free Enterprise • Laws, Institutions, and Regulations • The Circular Flow

  8. Formative AssessmentsSection 1 • Defining Terms • Reviewing Facts and Concepts • Critical Thinking • Applying Economic Concepts • Quick Quiz • www.empc.net/economics

  9. Objectives Section 2Profit and Loss in Free Enterprise • Describe the roles that profits and losses play in a free enterprise economy • Explain what profits, losses and resources have to do with one another

  10. Tennessee Curriculum StandardsSection 2 • Standard 3: Allocation of Goods and Services • Standards 4: Role of Incentives

  11. Key TermsSection 2 • Profit • Loss

  12. LectureSection 2 • Profits and Losses • Profit and Loss as “Signals”

  13. Formative AssessmentsSection 2 • www.empc.net/economics • Reviewing Facts and Concepts • Critical Thinking • Defining Terms • Quick Quiz

  14. Objectives Section 3The Ethics of the Free Enterprise System • Describe some of the qualities and characteristics of an ethical economics system • List some of the freedoms in free enterprise • Explain what economic principles are stated in the Bill of Rights, the Constitution and the Declaration of Independence • Describe some of the responsibilities people have in a free enterprise system.

  15. Tennessee Curriculum StandardsSection 3 • Standard 4 : Role of Incentives

  16. Key Terms • Ethics

  17. LectureSection 3 • Ethics and Free Enterprise • Economic Principles in Key Documents • Economic Rights and Responsibilities in a Free Enterprise Economy

  18. Formative AssessmentsSection 3 • www.empc.net/economics • Quick Quiz • Defining Terms • Reviewing Facts and Concepts • Critical Thinking

  19. Objectives Section 4Entrepreneurs • Describe what an entrepreneur is • Explain how consumers benefit from the actions of entrepreneurs • Describe the effect that a law that limited profits would have on future entrepreneurs • Explain why entrepreneurs are willing to risk their time and money.

  20. Tennessee Curriculum StandardsSection 4 • Standard 1: Scarcity • Standard 4: Role of Incentives

  21. Key TermsSection 4 • Entrepreneur

  22. LectureSection 4 • Imagine Being an Entrepreneur • Entrepreneurs, Profit, and Risk

  23. Formative AssessmentsSection 4 • www.empc.net/economics • Critical Thinking • Reviewing Fact and Concepts • Quick Quiz

  24. Objectives Section 5The Role of Government in a Free Enterprise Economy • Describe what would happen if government did not enforce contracts • Describe a public good • Explain why, in a free enterprise economy, individuals will not produce nonexcludable public goods for sale • Define negative and positive externalities.

  25. Tennessee Curriculum StandardsSection 5 • Standard 10: Role of Economic Institution

  26. Key TermsSection 5 • Contract • Private Good • Public Good • Excludable Public Good • Nonexcludable Public Good • Free Rider • Negative Externality • Positive Externality

  27. LectureSection 5 • Government as Enforcer of Contracts • Government as Provider of Nonexcludable Public Goods

  28. Formative AssessmentsSection 5 • www.empc.net/economics • Defining Terms • Quick Quiz • Reviewing Facts and Concepts • Applying Economic Cocepts

  29. Summative AssessmentsChapter 3 • Chapter Summary • Economic Vocabulary • www.empc.net/economics • Doing the Math • Working with Graphs and Tables • Solving Economic Problems

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