Enterprise City Vote for ONE for Mayor:

Enterprise City Vote for ONE for Judge:

Terms to know: Economy: the management of the resources of a community, country, etc. Free Enterprise System: an economic system in which private business operates in competition and largely free of state control. Goods: are THINGS you can buy, like shoes, soccer balls and CDs. Service: is WORK that people do for others. Salary: is payment of money to people for doing a job. Opportunity Cost: Goods or services which you would like to purchase, but can not afford.

Supply and Demand Supply: The amount of a product or service that is available. Demand: How much of a product or service is desired by buyers. Supply/Demand: The price of a good or service moves up or down until the amount supplied by manufacturers equals the amount demanded by consumers. Scarcity: Insufficiency or shortness of supply.

More Terms: Consumer: A person who purchases goods or services. Producer: : A person that grows agricultural products or manufactures materials into articles of use. Business Costs: SMART !!! S - salaries M – materials A – advertising R – rent T - taxes

And even more… Profit: the money a business has after paying costs. Specialization: the act of specializing, or pursuing a particular line of study or work. Division of Labor: is a process whereby the production process is broken down into a sequence of stages and workers are assigned to particular stages. What’s the difference between these two? What is “interdependence”? Relying on each other

Questions to ponder… When people shoplift from businesses, who pays for it, eventually? Consumers The price of items in a store is determined by…. Supply and demand for items, PLUS business costs. Why is money valuable? You can exchange it for goods and services A person in a factory doing a job which they do better than anyone else is known as… A specialist (Specialization0 A person in a factory does a special job, then passes the work on to the next person. This is known as… Division of Labor

And … How does the Radio Station make money? Ads, requests, shout outs. What about City Hall? Where do they get the money to pay their employees, and run the city? Taxes and fines The Bank? Making loans/charging interest on repayment of loans

Free Enterprise System: An economic system characterized by: private ownership of property with little government regulation the profit motive to stimulate production competition to ensure efficiency the forces of supply and demand to direct the production and distribution of goods and services.

Where Enterprise City Businesses Will Meet: Mrs. Bigney’s Room: Gift Shop, Joke Shop, Jewelry Shop, Philanthropy Center Mrs. Campagna’s Room: Newspaper, Radio Station, Web Page, Professional Services Mrs. Casner’s Room: Bank, City Hall, Television Studio, Mail and Distribution Center Mrs. Kappes’s Room: T-Shirt Shop, Photo Shop, Sports Shop, Snack Shop

Gift Shop Joke Shop Jewelry Shop Souvenir Shop

Enterprise City Test!!! Place your study guide in the tray on the table by the door. Have on your desk: a privacy shield, black or blue pen, or pencil, ONE free reading book, and NOTHING ELSE