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COURSE OUTLINE Unit 1: Fundamentals of Economics Economics and Choice Chapter 1:The Economic Way of Thinking Chapter 2: Economic Systems Chapter 3: The American Free Enterprise Unit 2: Microeconomics Market Economies at Work Chapter 4: Demand Chapter 5: Supply Chapter 6: Demand, Supply, and Prices Chapter 7: Market Structures Unit 3: Types of Business Organizations Chapter 8: Types of Business Organizations Unit 4: Macroeconomics Money and Banking Chapter 10: Money and Banking Unit 5: Measuring and Monitoring Economic Performance Chapter 12: Economic Indicators and Measurements Chapter 13: Facing Economic Challenges Unit 6: The Role of Government in the Economy Chapter 14: Government Revenue and Spending Chapter 15: Using Fiscal Policy Unit 7: The Global Economy Chapter 16: The Federal Reserve and Monetary Policy Chapter 17: International Trade Unit 8: Personal Finance Chapter 11: Personal Finance & Financial Markets CP Economics Organizer Chapter 3: The American Free Enterprise The Big Picture: In a free enterprise system, productive resources are privately owned, and individual choice and voluntary exchange drive the economy, Business owners are free to decide how to use their resources, workers are free to decide where to work, and consumers are free to buy what they choose. A free enterprise system has open opportunity for all, requires legal equality of each person’s economic rights, and rests on the free contract- the completely voluntary exchange of money or labor. The profit motive propels business owners to enter markets. A successful enterprise will attract other profit seekers into that market who will allocate their productive resources accordingly. Before long, competition among the profit seeks drives down the prices of goods and service as each seeks to attract customers. Consumers “vote with their wallets,” and companies that do not meet consumer preferences will not survive. Unit Pacing: ____ – The American Free Enterprise System and the Role of the Government Homework _____– Read p. 70-89 ____ – RETEACHING ACTIVITY: Advantages of the Free Enterprise System Government and Free Enterprise ____ – Chapter 3 Vocabulary Quiz & TEST ____- Unit Benchmark #1 TEST Key Terms and Phrases: (Reading Assignments) _____– Chapter 3 Vocabulary Quiz & TEST 1. Capitalism 2. Public goods 3. Externality 4. Negative externality 5. Positive externality 6. Subsidy 7. Transfer payment 8. Standard of living 9. Specialization 10. Public goods 11. Free rider 12. Public sector 13. Redistribute income 14. Taxes 15. Consumer sovereignty 16. Profit 17. Free contract 18. Safety net 19. Market failure 20. Profit motive Essentials Questions: GPS 1. What is the difference between the American Free Enterprise System and Capitalism? 1. SSEF5a Course Website: http://www.gocats.org