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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?
Unit 4 4 th Grade Social Studies Vocabulary Click here to go to begin Click here to go to begin.
Chapter 1 A Look at WANTS and NEEDS. Wants and Needs Drive the Economy Everyday you make decisions about how to spend money. Suppose you have $10. You.
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.
Welcome! Happy New Year!!! This is a time of new beginnings with so many exciting things to do and learn. So Welcome to Economics class! I am looking.
Chapter 2 Economic Resources and Systems. 2.1 Economic Resources Societies have to deal with shortages of resources just as individuals do. Lack of resources.
Economic Systems. An economic system describes how a countrys economy is organized An economic system describes how a countrys economy is organized Because.
Economics Chapter 4 Section 1. Into to Demand Demand - the desire, ability, and willingness to buy a product Demand - the desire, ability, and willingness.
Unit 1: Foundations of Economics What comes to your mind when you hear the word SCARCE? (video about scarcity)
Today we will review the Economic concepts we have learned thus far READY????? HERE WE GO……
Welcome to Junior Achievement! David Hale – Volunteer Presenter for JA JA teaches business and economics Inspires students in working and running businesses.
Second Grade Economics Resources - SOL 2.7 Bartering - SOL 2.8 Scarcity - SOL 2.9 By: Barbara Peters.
A sole proprietorship also called simply proprietorship – is a business owned by one person. Most businesses in this form are small businesses. Dry Cleaners,
The Fundamentals of Capitalism Business Management Mrs. Demers.
What is Economics? Unit 1 Homework: Page 6 Problems 1 to 6 Write out the questions and the answers.
3-1: ADVANTAGES OF FREE ENTERPRISE. What is a Free Enterprise System? Capitalism: economic system based on private ownership of the factors of production.
Entrepreneurship Jeopardy: Be the E. Instructions Go to slide #3 (the jeopardy board) and participant selects dollar amount After clicking on dollar amount.
Chapter 19 - What is Promotion? What is Promotion?
Chapter 1: What Is Economics?. Chapter 1: What Is Economics? Scarcity Factors of Production Decision Making Opportunity Cost –Production Possibilities.
A Microeconomics Topic. Factors that Determine Demand Desire: Do I want it? Ability: Can I afford it? Willingness: Am I willing to buy it?
Chapter 6SectionMain Menu Combining Supply and Demand How do supply and demand create balance in the marketplace? What are differences between a market.
SSE14 – Students will explain the Characteristics of Pure Competition You have to --- –Know what pure competition is. –Understand How it works. Buyers.
To Next Slide Unit 4 Chapter 8 Lesson 3 Farms, Ranches, and Cities 20 Questions!
Chapter 2 Economic Systems Answering the 3 Basic Economic Questions Every economy is trying to find the best way to distribute scarce resources.
More producers in a market increases supply which leads to increased competition and a lower equilibrium price Competitive pricing occurs when producers.
Middle East Economics Study Guide 1. Copy homework in agenda: Review Study Guide nightly 2. Get out 2 sheets of notebook paper and label the first:
Operations management is concerned with producing the right goods and services at the right quality and quantity. They need to turn the factors of production.
consumer The 4 Ps of Marketing T he success of a marketing strategy depends on planning the right combination (or mix) of marketing elements. These elements.
What is Supply? Supply How many hours do you spend studying every night? How many hours would you study if you were paid $1 an hour? $10 an hour?
Economic Systems. How Does An Economy Work? Nations must answer 3 basic Economic question: What goods and services should be produced? How should the.
CHAPTER 1 The Economic Way of Thinking. KEY CONCEPTS Economics study of how people use resources to satisfy wants how individuals/societies choose to.
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