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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