Economics and the Free Enterprise SystemSpring 2013

Junior AchievementMr. Warzecha

Room 112

First Nine Weeks: Economic Principles & the Business of Free Enterprise

CHAPTERS YOU WILL READ:

Chapter 1 – What is Economics?Chapter 4 – SupplyChapter 8 – Financing a Business

Chapter 2 – Free Enterprise in the United StatesChapter 5 – Market-Clearing PriceChapter 9 – Production and Productivity

Chapter 3 – DemandChapter 7 – The Business of Free EnterpriseChapter 11 – How Businesses Compete

VOCABULARY WORDS YOU WILL DEFINE:

Vocabulary Quiz #1Vocabulary Quiz #2Vocabulary Quiz #3Vocabulary Quiz #4

  1. market1. demand1. entrepreneur1. gross domestic product
  2. market economy2. price effect2. E-commerce2. inflation
  3. economics3. Law of Demand3. gross domestic product3. labor productivity
  4. goods 4. substitute4. sole proprietorship4. productivity
  5. services5. price elasticity of demand5. partnership5. fixed costs
  6. resources6. complimentary goods6. corporation6. variable costs
  7. natural resources7. supply7. stockholders7. law of diminishing returns
  8. human resources8. Law of supply8. board of directors8. economies of scale
  9. capital resources9. marginal costs/benefits9. prospectus9. standard of living
  10. entrepreneurship10. pillars of free enterprise10. financial markets10. pure price competition
  11. scarcity11. market-clearing price11.bonds11. monopolistic competition
  12. opportunity cost12. shortage12. equity12. differentiation
  13. trade-off13. surplus13. common stock13. oligopoly
  14. economy14. rationing14. preferred stock14. collusion
  15. private property15. incentives15. depreciation15. monopoly
  16. price system16. price ceiling16. income statement16. patent
  17. competition17. price flood17. balance sheet17. copyright
  18. incentive18. elasticity of demand18. assets18. trademark
  19. profit19. elasticity of supply19. liabilities19. merger
  20. barter20. circular flow20. net worth20. marketing

OUR CLASS GOALS: (TEKS Objectives)

The student will understand:

  1. the rights and responsibilities of consumers in the U.S. free-enterprise system.
  2. the rights and responsibilities of businesses in the U.S. free-enterprise system.
  3. the right to own, uses, and disposes of private property.
  4. the basic principles of the U.S. free-enterprise system.
  5. the concepts of scarcity and opportunity costs.
  6. the circular-flow model of the economy.
  7. the interactions of supply, demands, and price.
  8. the role of financial institutions in saving, investing, and borrowing.
  9. types of business ownership and types of market structures.
  10. traditional, command, and market economic systems.
  11. the basic concepts of consumer economics.
  12. the geographic significance of the economic factors of production.

13. applies critical-thinking skills to organize and use information acquired from a variety of sources, including electronic technology.

Textbook:

Junior Achievement Economics. Colorado Springs, CO.: JA Worldwide. 2007.

*Additional packets and readings will be distributed periodically to augment the textbook material.

Grading Scale

Tests………………………………….………………………………………………..……...35%

Formative (Quizzes/Daily Assignments/Homework)……………………50%

Enrichment Projects………………….………………………………………………...15%

*Major enrichment projects will receive grades throughout the progression of the project and a final grade at the completion of the project.

Retest Policy

No retests will be allowed during the year. Exams will be announced one week prior to the date of the exam and the expectation is that the student studies before the exam to be successful on the assessment.

Make-up or Late Work Policy

Late work is discouraged in this class. It is the student’s responsibility to complete all assignments by the due date.

Assignments are due at the beginning of class on the certain due dates. Make-up work applies to students that have an excused absence. If a student misses the class, they need to come to see me as soon as they return to school to receive assignments and turn in assignments if they were due the day they were absent. For missing assignments, one day late is 30 points taken off the grade, 2 days late is 50 points taken off the grade, and 3 days late is no credit.

Plagiarism

Scholastic dishonesty involving, but not limited to, cheating on a test, plagiarism and collusion are a violation of school policy and will not be tolerated. If you are caught plagiarizing another person’s work or cheating on a test the assignment or test will receive a zero.

Code of Conduct

In order to create an environment where everyone in the classroom is positively and actively involved with one another and where everyone feels safe and cared about, I will:

  • Treat everyone with respect and courtesy.
  • Help create and maintain a safe and positive learning environment.
  • Show respect for school and person property.

Cell Phone Policy

Cell phones must be turned off during all classes. If a student has a cell phone out in class, it will be taken up and given to the administration office. Please see student Code of Conduct for more information.

Dress Code

Students must remain in dress code at all times. Please see student Code of Conduct for more information.