Download What is the purpose and effects of a free enterprise system? What

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Teacher / Team Name:
Topic:
Learning-Focused Toolbox
Date: September 30, 2013 ET
S. Mondock / Sales &Marketing: The Free Enterprise & Global Economies
SHERYL MONDOCK
Sales & Marketing: The Free Enterprise & Global Economies
Subject(s): Vocations
Days: 0
Grade(s): 10th, 11th, 12th
Key Learning: Our economic system is based on a free enterprise system that encourages business operation
without government involvement.
Competition is an essential part of free enterprise system that benefits consumers with betterquality goods/services at reasonable prices.
Risk is a common element of starting a business but does benefit consumers by producing new
goods and services.
Profit is the motivation and advantage of taking the risk of starting a business.
The role of government is to provide ensure the safety/welfare of people, support businesses, and
make laws for protection and freedom of individuals and businesses.
The role of the consumer is to pick the "winners" in the marketplace and determine the demand/
price for a product.
Prices are determined by the law of supply and demand.
An economy is determined by how the nation will use its resources to produce goods and
services.
Our free enterprise system and all economies in the world today function with a mixed economy.
Capitalism is our economic system, that provides for private ownership of business and
marketplace competition.
A successful economy depends primarily upon employee productivity, GDP, inflation rate, and
unemployment rate.
Consumers, businesses, and government influence the economy.
Unit Essential Question(s):
What is the purpose and effects of a free
enterprise system?
What are the types of economic systems and what are their effects on
the global economy?
Page 1 of 2
Curriculum:
Teacher / Team Name:
Topic:
Learning-Focused Toolbox
Date: September 30, 2013 ET
S. Mondock / Sales &Marketing: The Free Enterprise & Global Economies
SHERYL MONDOCK
Sales & Marketing: The Free Enterprise & Global Economies
Subject(s): Vocations
Days: 0
Grade(s): 10th, 11th, 12th
Concept:
Concept:
Free Enterprise System
Global Economies
Describe the basic principles of the Free Enterprise System.
Describe the role and benefits of competition.
Distinguish between price and non-price competition.
Describe a monopoly and the explain the disadvantages of a monopoly for consumers
and our economy.
Describe how risk is a part of starting a business.
Explain how a business makes a profit.
Explain the elements of an economy.
List all of the resources used to produce goods and services.
Distinguish among a market economy, command economy, and mixed
economy.Identify the mixed economy as the U.S. type of economy.
Distinguish among capitalism, socialism, and communism forms of economies.Identify
capitalism as the U.S. form of economic system.
List and describe the economic measurements to determine a successful
economy.Describe the importance of employee productivity, Gross Domestic Product,
inflation rate, and unemployment rate as indicators of a successful or failing economy.
List and describe the phases of the business cycle.
Lesson Essential Question(s):
What is the free enterprise system? (A)
Lesson Essential Question(s):
What is capitalism and the free enterprise system? (A)
What are the types of economic systems and their effect on the global
economy? (A)
Vocabulary:
free enterprise system, competition, price competition, non-price
competition, monopoly, risk, profit, supply, demand, surpluses,
shortages, equilibrium
Vocabulary:
economy, resources, capital, land, labor, entrepreneurship, factors of
production, infrastructure, scarcity, command economy, market
economy, capitalism, socialist, communist, privatization, productivity,
Gross Domestic Product, inflation, Consumer Price Index, business
cycle, prosperity, recession, depression, recovery
Additional Information:
Attached Document(s):
Page 2 of 2
Curriculum:
Learning-Focused Toolbox
Date: September 30, 2013 ET
S. Mondock / Sales &Marketing: The Free Enterprise & Global Economies
SHERYL MONDOCK
Teacher / Team Name:
Vocab Report for Topic:
Sales & Marketing: The Free Enterprise & Global Economies
Subject(s): Vocations
Days: 0
Grade(s): 10th, 11th, 12th
Concept: Free Enterprise System
free enterprise system, competition, price competition, non-price competition, monopoly, risk, profit,
supply, demand, surpluses, shortages, equilibrium
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Concept: Global Economies
economy, resources, capital, land, labor, entrepreneurship, factors of production, infrastructure, scarcity,
command economy, market economy, capitalism, socialist, communist, privatization, productivity, Gross
Domestic Product, inflation, Consumer Price Index, business cycle, prosperity, recession, depression,
recovery
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