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Free Enterprise 3 rd grade Katonya Beaubouef – Herod Elementary
Free enterprise The freedom to start a business and sell, for profit, any product or service allowed by law.
Consumer A person who buys a product or service.
demand The desire or need for a product or service. When will the demand for a product be small? High?
supply The amount of goods offered for sale by a business. Explain the difference between supply and demand.
How Supply and Demand Work SUPPLYDEMANDPRICE High Low HighLowVery low LowHighVery high Low High
scarcity A shortage, or lack of supply of a product What are some causes of scarcity?
specialize To do just one kind of work or sell just one kind of product.
overhead The amount of money it takes to run a business. Heating/ cooling workerselectricity overhead
wage The money a worker is paid.
profit The amount of money left over after all the costs of running a business have been paid. When does a business make a profit? When do they do not?
marketing The job of getting costumers to want a product. McD advertise coupons sponsor
competition The efforts of two businesses with the same products to get consumers to buy from them. What are some things that business do to compete?
Free Enterprise 3 rd grade. Free enterprise The freedom to start a business and sell, for profit, any product or service allowed by law.
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Budgets and Businesses Workshop. Budget: is a plan that shows income, spending and saving. Income: Spending: Saving:
Small Businesses in Louisiana Unit 7. Supply The amount of goods offered for sale by a business The amount of goods offered for sale by a business.
Louisiana Riches 3 rd grade - Unit 5 Katonya Beaubouef – Herod Elementary.
2 pt 3 pt 4 pt 5pt 1 pt 2 pt 3 pt 4 pt 5 pt 1 pt 2pt 3 pt 4pt 5 pt 1pt 2pt 3 pt 4 pt 5 pt 1 pt 2 pt 3 pt 4pt 5 pt 1pt FillInTheBlanks!!!!
The Free Enterprise System
3 rd Grade Economics Picture Vocabulary. What do we call the study of how people produce, sell, and buy products and services? _______________________________.
Good Anything that can be grown or manufactured (made) Food Clothes Cars.
Free Enterprise Marketing I. Basic Principles Workers have the freedom to organize into a labor union while consumers have the freedom to purchase goods.
© Thomson/South-Western ECONOMIC EDUCATION FOR CONSUMERS Slide 1 Consumer’s Role in the Economy Objectives: By the end of class, students will be able.
Supply and Demand at Work 21.3 & What is Supply and Demand The amount of goods a producer is willing to sell at market prices. Opposite of demand.
US Economy Free Enterprise System. What is an economy? An economy is the resources of a country, state, region, or community and how the resources are.
Think of something you would like to buy. Do you know who makes it? Do you know its price? Buying, selling, and deciding on prices are important ideas.
Economic Resources And Systems
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Supply Amount of goods and services producers are willing to make and sell.
Understand the role of business in the global economy.
Economics of Marketing Chapter 3 & 4 Marketing Essentials.
ECONOMICS FREE ENTERPRISE SYSTEM & SUPPLY AND DEMAND.
The Basics of Economics. Economic Activity Our economy, much like others around the world operate on a circular flow of economic activity. –Goods and.
1 Foundations of Business In order to appreciate and make informed decisions in the world around them, students will need to establish a basic business/economic.
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Bell Ringer Pretend you are at a farmer’s market. Two farmers are selling strawberries. Farmer Fred is selling the strawberries for $2.25 a basket. Farmer.
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Marketing Essentials Chapter 5. Our nation is built upon freedom ◦ Freedom What to purchase Where to work How to spend our money To organize.
Capitalism and Free Enterprise. What is capitalism? The United States’economic system in which private citizens own & use the factors of production to.
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©2011 Cengage Learning. Chapter 2 REVIEW OF THE ECONOMIC PRINCIPLES OF CAPITALISM ©2011 Cengage Learning.
Economics “The business of America is business” Calvin Coolidge.
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You can type your own categories and points values in this game board. Type your questions and answers in the slides we’ve provided. When you’re in slide.
Back to Table of Contents pp Chapter 2 Economic Resources and Systems.
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