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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 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 - 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 - Page 1 of 1