American free enterprise
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American Free Enterprise. Taught by Professor Coleman. Bellringer. Define “land of opportunity” P rovide examples of family or community members who started up small businesses. A Tradition of Free Enterprise. Why has America been such an economic success? Open land Natural resources

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American Free Enterprise

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American free enterprise

American Free Enterprise

Taught by Professor Coleman


Bellringer

Bellringer

  • Define “land of opportunity”

  • Provide examples of family or community members who started up small businesses.


A tradition of free enterprise

A Tradition of Free Enterprise

  • Why has America been such an economic success?

    • Open land

    • Natural resources

    • Uninterrupted flow of immigrants

AND?


Free enterprise

FREE ENTERPRISE

The social and political commitment to giving people the freedom and flexibility to try out their business ideas and compete in the marketplace


Constitutional protection

CONSTITUTIONAL PROTECTION

Property Rights

Taxation

Can’t be taken from an individual except when there is a public reason

Government must pay fair value of property

Applies to businesses, too

Can only tax in ways Constitution allows

Congress can levy taxes

Direct taxes must be apportioned according to population

Guarantees the right to make binding contracts


Basic principles of free enterprise

Basic Principles of free enterprise

  • Profit motive: force that encourages people and organizations to improve their natural well-being

  • Open opportunity: everyone can compete in the market place

  • Economic rights: legal equality, private property, free contract, voluntary exchange, and competition


Activity building key concepts

Activity: Building Key Concepts

  • Figure 3.1 Features of American Free Enterprise

  • Page 52

  • Choose one of these features and give an example from your own daily life.


Role of the consumer

Role of the consumer

  • When consumers buy products, they signal to producers what to produce and how much to make

  • Also make wishes known by joining interest groups


Role of the government

Role of the government

  • Information and Free Enterprise

  • Protecting Health, Safety, and Well-Being

  • Negative Effects of Regulation


Activity for dots

Activity: for dots!!

  • Applying Economic Concepts, page 55


Section assessment

Section assessment

  • Section 1 Assessment, pg. 55

  • Economic Profile: Alice Rivlin, pg. 56


Bellringer1

Bellringer

  • Brainstorm a list of tasks performed by librarians

  • Prepare to compare/contrast this job with the job of a government economist.


Tracking business cycles

Tracking business cycles

Macroeconomics

Microeconomics

Study of the behavior and decision making of entire economies

Study of the economic behavior and decision making of small units (individuals, families, households, business)


Activity know the difference compare contrast

Activity: KNOW THE DIFFERENCE! (COMPARE/CONTRAST)

Macroeconomics

Microeconomics

How the banking system operates throughout the U.S.

How an individual bank tries to make a profit by receiving deposits and making loans

NOW, YOU TRY!


Tracking business cycles1

Tracking business cycles

How is economic well-being measured?

What’s a BUSINESS CYCLE?

Gross Domestic Product (GDP)

Total value of all final goods and services produced in an economy

Period of macroeconomic expansion followed by a period of contraction, or decline.


Promoting economic growth

Promoting economic growth

Employment

Growth

unemployment rate between 4% and 6% desirable

each generation should do better

measured by GDP


Promoting economic growth1

Promoting economic growth

Stability

Economic Citizenship

Gives consumers, producers, and investors confidence in the economy

Indicator #1: price levels

Indicator #2: Health of financial institutions

Do you expect your generation to have a higher standard of living than that of past generations?

DO YOUR PART! GET AN UNDERSTANDING OF MACROECONOMIC PROCESSES THAT SHAPE OUR FUTURES!


Technology and productivity

TECHNOLOGY AND PRODUCTIVITY

Technological Progress

The Government’s Role

Process used to produce a good or service

Improvements allow an economy to produce more output form same or smaller quantity of inputs, or resources

Morrill Acts of 1862 and 1890?

Land-grant schools (MIT, Texas A&M)?

NASA?

U.S. Patents?


Activity back to bellringer

Activity . . . Back to bellringer

Compare and contrast the job of a librarian to the job of a government economist.


Section 2 assessment

Section 2 Assessment

  • Key Terms and Main Ideas, page 60, 1-6

  • Skills for Life: Analyzing Primary Sources, page 61, 1-3


Bellringer2

Bellringer

  • Recall seeing a young child being asked to share something with another child. Did the child share willingly and fairly without the help of the parent?


Providing public goods

Providing public goods

  • A shared good or service for which it would be inefficient or impractical (1) to make consumers pay individually and (2) to exclude nonpayers


Costs benefits free rider problem

Costs & benefits . . . Free-rider problem

  • Benefit <cost that each would pay if provided privately

  • Societal benefits> total cost (contribution)

  • Public goods financed by public sector

  • Private sector would have little incentive to produce public goods

  • Free riders don’t pay, but still benefit


Market failures

Market failures

  • Situation in which the market does not distribute resources efficiently


Externalities

Externalities

  • An economic side effect of a good or service that generates benefits or costs to someone other than the person deciding how much to produce or consume.

  • Video: Externalities


Externalities1

Externalities . . .

Positive Externalities

Negative Externalities

Benefits too many people (not just those who paid for it)

Buying/updating an eyesore . . .

Generate unintended costs

Paper mill wastes pollute river, need to buy water-treatment

Now, You Give Examples!


Activity for dots1

Activity – for dots!

  • Key Terms and Main Ideas, page 66, 1-3


Assessment

Assessment

  • Decision Making on Page 66 (#6)

  • Answer in paragraph form


Bellringer3

Bellringer

What is your personal definition of poverty?


Providing a safety net

Providing a safety net

  • Outline pages 67-70

  • You have 10 minutes.


Video u s poverty

VIDEO: U.S. POVERTY

  • U.S. POVERTY (TAVIS SMILEY & DR. CORNEL WEST)

  • Record 15 salient points from the video


Section 4 assessment

Section 4 Assessment

  • Key Terms and Main Ideas, pg. 70, 1-4


Chapter 3 exam

Chapter 3 Exam

For: Chapter 3 Self-Test

Visit: PHSchool.com

Web Code: mna-1031

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