Chapters 1-3 Test on Friday (warm-ups due on test day)

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Chapters 1-3 Test on Friday (warm-ups due on test day) ECONOMICS: January 29 Warm-up: Dissecting the concept of standard of living (see closure from in HO from last class) Ch. 3, Lessons 1& 2: American Free Enterprise Capitalism (HO) Learning Target #1 In order to understand how a free enterprise economy functions, I will analyze the characteristics of free enterprise capitalism. I will know I have it when I can: (1) identify and define the five characteristics of free enterprise capitalism; (2) demonstrate a fundamental understanding as to why the standard of living can rise or fall in a country; and (3) explain how compe-tition plays a key role in increasing the standard of living in a country. --standard of living text rendering; characteristics of free enterprise capitalism; more on the profit motive Learning Target #2 In order to understand the roles and responsibilities in a free enterprise economy, I will identify the participants in a free enterprise economy. I will know I have it when I can give examples of some key roles that each of the three participants play. --role of consumers, entrepreneurs, and the government Closure: see Ch. 3, Lesson 1 & 2 (see HO) Assignment: read Ch. 3, Lesson 3 Chapters 1-3 Test on Friday (warm-ups due on test day)