1. American Free Enterprise

2. Warm Up  Write down three questions that you think will be on the test  DON’T Answer your questions  Write down three questions that you think will be on the test  DON’T Answer your questions

3. Homework  For each term/concept/person on the study guide, write out all notes and relevant material to study for test

4. Looking Ahead  TEST NEXT CLASS

5. Learning Objectives  Enhance studying skills  Synthesize material from Basics of Econ.-Economic Systems  Engage in Collaborative Learning  Enhance studying skills  Synthesize material from Basics of Econ.-Economic Systems  Engage in Collaborative Learning

6. Pair-Share Warm Ups  Switch your Warm Up questions with a partner  Answer your partner’s questions  Switch back and grade your partner’s answers  Switch your Warm Up questions with a partner  Answer your partner’s questions  Switch back and grade your partner’s answers

7. Go over Quizzes Review the answers to the first quiz with a partner Ask any questions that you might have Think about which questions are going to be asked again on the test Review the answers to the first quiz with a partner Ask any questions that you might have Think about which questions are going to be asked again on the test

8. Kahoot.IT  THIS IS ONE TIME THAT YOU WILL BE ALLOWED TO USE YOUR CELL PHONES  Login to Kahoot. It  Enter your name  Plug in the Pin Code that I will show you  Winner= 10 points extra credit on quiz  2nd Place= 7 points extra credit  3rd place= 5 points extra credit  THIS IS ONE TIME THAT YOU WILL BE ALLOWED TO USE YOUR CELL PHONES  Login to Kahoot. It  Enter your name  Plug in the Pin Code that I will show you  Winner= 10 points extra credit on quiz  2nd Place= 7 points extra credit  3rd place= 5 points extra credit

9. Jeopardy  You will be divided into groups  Your group will pick a question from one of the different categories and then pick how many points you want to go for in that category  You have 45 Seconds to answer the question  If your group gets the question wrong, it goes to the next group  The next group has 30 seconds to answer the question  You will be divided into groups  Your group will pick a question from one of the different categories and then pick how many points you want to go for in that category  You have 45 Seconds to answer the question  If your group gets the question wrong, it goes to the next group  The next group has 30 seconds to answer the question

10. In-Class time to do Study Guide Homework  Start your homework and fill out the terms/concepts/people on the study guide

11. Password  5 Teams  For each team, there is 1 person who will get the “password”  The Password will be a term/concept/person that will be on the test  The person with the Password can only say one word and then based on that word, the team has to guess the password  If the team doesn’t get the Password, the next team will go  5 Teams  For each team, there is 1 person who will get the “password”  The Password will be a term/concept/person that will be on the test  The person with the Password can only say one word and then based on that word, the team has to guess the password  If the team doesn’t get the Password, the next team will go

12. Warm Up  Get ready to take test…all you need on your desk is a pen/pencil

13. Homework: Interview the owner of a small business  Ask the owner of a small business these questions and record their answers 1. Why did you decide to start a business? 2. Why did you start this type of business? 3. Who is your competition? 4. What was your goal when you started this business and has this goal changed. If so, how has it changed? 5. What would you do if you started losing customers or people weren’t buying what you are selling?  Ask the owner of a small business these questions and record their answers 1. Why did you decide to start a business? 2. Why did you start this type of business? 3. Who is your competition? 4. What was your goal when you started this business and has this goal changed. If so, how has it changed? 5. What would you do if you started losing customers or people weren’t buying what you are selling?

14. Learning Objectives  Enhance Test-taking Skills  Analyze the role of government in the US Economy  Engage in Artistic Learning  Enhance Test-taking Skills  Analyze the role of government in the US Economy  Engage in Artistic Learning

15. Test  Take Test

16. Brainstorming  What kind of economic principles were laid out by the Founding Fathers?  Why were these economic principles central to the US?  In what documents were these economic principles written?  Do you think the modern economy of the US still represents these economic principles? If so, what examples can you provide? If not, why not?  What kind of economic principles were laid out by the Founding Fathers?  Why were these economic principles central to the US?  In what documents were these economic principles written?  Do you think the modern economy of the US still represents these economic principles? If so, what examples can you provide? If not, why not?

17. Economic Rights Guaranteed by the Constitution 1.Property Rights: a. No person shall be deprived of life, liberty, or property without the due process of law b. Private property cannot be taken away for public use without compensating the owner 2.Taxation: Congress can raise or lower taxes 3.Contracts: Individuals or businesses cannot use the political process to get excused from their contracts 1.Property Rights: a. No person shall be deprived of life, liberty, or property without the due process of law b. Private property cannot be taken away for public use without compensating the owner 2.Taxation: Congress can raise or lower taxes 3.Contracts: Individuals or businesses cannot use the political process to get excused from their contracts

18. Discussion-Taxes  Do you think that Congress should have complete control over raising and lowering taxes? Why or why not?  Are taxes good or bad? Why do you think this?  What goods/services do you think are taxed too heavily?  Do you think that Congress should have complete control over raising and lowering taxes? Why or why not?  Are taxes good or bad? Why do you think this?  What goods/services do you think are taxed too heavily?

19. Thinking about the role of Government in the Economy  The Declaration of Independence says “All men are entitled to Life, Liberty, and the Pursuit of Happiness”? Why do you think this was changed in the Constitution to be “Life, Liberty and Property?”  Do you think we need to add any economic principles, ideas or regulations to the Constitution? If so, what should be added?  What government agencies can you think of which exist to regulate different industries? Write down three examples  The Declaration of Independence says “All men are entitled to Life, Liberty, and the Pursuit of Happiness”? Why do you think this was changed in the Constitution to be “Life, Liberty and Property?”  Do you think we need to add any economic principles, ideas or regulations to the Constitution? If so, what should be added?  What government agencies can you think of which exist to regulate different industries? Write down three examples

20. Examples of Government Agencies that Regulate Industries in the Economy  FDA (Food and Drug Administration)  FTC (Federal Trade Commission)  FCC (Federal Communications Commission)  FAA (Federal Aviation Administration)  EPA (Environmental Protection Agency)  FDA (Food and Drug Administration)  FTC (Federal Trade Commission)  FCC (Federal Communications Commission)  FAA (Federal Aviation Administration)  EPA (Environmental Protection Agency)

21. Make a Pros and Cons List  Write down 5 good things about the Government regulating the economy  Write down 5 bad things about the Government regulating the economy  Write down 5 good things about the Government regulating the economy  Write down 5 bad things about the Government regulating the economy

22. Creative Expression  Team up with a partner and on one piece of paper, compare the difference between an economy with no government regulations and an economy with a lot of government regulations  Left side of the paper= economy with no government regulations  Right side of the paper=economy with a lot of government regulations  Have one person draw images/graphics which show what the economy would look like without government regulation and the other person draw images/graphics which show what the economy looks like when there is government regulation  Team up with a partner and on one piece of paper, compare the difference between an economy with no government regulations and an economy with a lot of government regulations  Left side of the paper= economy with no government regulations  Right side of the paper=economy with a lot of government regulations  Have one person draw images/graphics which show what the economy would look like without government regulation and the other person draw images/graphics which show what the economy looks like when there is government regulation

23. Warm Up  What do you think was the most important economic right that the government guaranteed in the Constitution? Why do you think this?

24. Homework: Interview the owner of a Small Business  Ask the owner of a small business these questions and record their answers 1. Why did you decide to start a business? 2. Why did you start this type of business? 3. Who is your competition? 4. What was your goal when you started this business and has this goal changed. If so, how has it changed? 5. What would you do if you started losing customers or people weren’t buying what you are selling?  Ask the owner of a small business these questions and record their answers 1. Why did you decide to start a business? 2. Why did you start this type of business? 3. Who is your competition? 4. What was your goal when you started this business and has this goal changed. If so, how has it changed? 5. What would you do if you started losing customers or people weren’t buying what you are selling?

25. Learning Objectives  Synthesize the Basic Principles of the Free Enterprise System  Interpret the difference between Macroeconomics and Microeconomics  Analyze GDP rates of different countries  Synthesize the Basic Principles of the Free Enterprise System  Interpret the difference between Macroeconomics and Microeconomics  Analyze GDP rates of different countries

26. Journal 4: Expanding the First Amendment  1. In what way has the US courts separated from the First Amendment? Why have they done this according to the article?  2. What examples does the article give of court cases in which the rights of the First Amendment were protected? Why were the companies protected in these cases?  3. What types of businesses have really made the courts question this issue of First Amendment rights?  4. What reason did the US Court of Appeals give for ruling against the FDA in the case of labeling vitamin supplements?  5. What direction do the courts seem to be moving in regards to protecting the First Amendment rights of businesses? Do you agree that we should be moving in this direction?  1. In what way has the US courts separated from the First Amendment? Why have they done this according to the article?  2. What examples does the article give of court cases in which the rights of the First Amendment were protected? Why were the companies protected in these cases?  3. What types of businesses have really made the courts question this issue of First Amendment rights?  4. What reason did the US Court of Appeals give for ruling against the FDA in the case of labeling vitamin supplements?  5. What direction do the courts seem to be moving in regards to protecting the First Amendment rights of businesses? Do you agree that we should be moving in this direction?

27. Brainstorming  What ideas/motives/forces do you think are most important to businessmen/woman in the Free Enterprise Economy? Write down three

28. Basic Principles of the Free Enterprise System  Profit Motive: Encourages people to make money  Open Opportunity: Everyone can compete in the market  Legal Equality: Everyone has the same legal rights  Private Property Rights: People have the right to control their possessions as they see fit  Free Contract: People may decide what agreements they want to enter into  Voluntary Exchange: People may decide what and when they want to buy and sell  Competition: Rivalry among sellers to attract customers while lowering costs  Profit Motive: Encourages people to make money  Open Opportunity: Everyone can compete in the market  Legal Equality: Everyone has the same legal rights  Private Property Rights: People have the right to control their possessions as they see fit  Free Contract: People may decide what agreements they want to enter into  Voluntary Exchange: People may decide what and when they want to buy and sell  Competition: Rivalry among sellers to attract customers while lowering costs

29. Check for Understanding  Which of these principles do you think is most important for businesses in the Free Enterprise System?  Which of these principles do you think is most important for consumers in the Free Enterprise System?  Do you think any of these principles are under- represented in the Free Enterprise System?  How do these principles impact large and small businesses differently?  Which of these principles do you think is most important for businesses in the Free Enterprise System?  Which of these principles do you think is most important for consumers in the Free Enterprise System?  Do you think any of these principles are under- represented in the Free Enterprise System?  How do these principles impact large and small businesses differently?

30. Transitioning: Macroeconomics and Microeconomics  What does it mean for something to be “Microscopic”?  What do you think is the difference between “micro” and “macro”?  What is the difference between Macroeconomics and Microeconomics?  What does it mean for something to be “Microscopic”?  What do you think is the difference between “micro” and “macro”?  What is the difference between Macroeconomics and Microeconomics?

31. Vocabulary  Macroeconomics: Study of the behavior and decision making of entire economies  Microeconomics: Study of economic behavior and decisions of small units, such as individuals, families, and businesses  GDP (Gross Domestic Product): Total Value of all final goods and services in a particular economy  Is a country’s GDP part of Macroeconomics or Microeconomics?  Macroeconomics: Study of the behavior and decision making of entire economies  Microeconomics: Study of economic behavior and decisions of small units, such as individuals, families, and businesses  GDP (Gross Domestic Product): Total Value of all final goods and services in a particular economy  Is a country’s GDP part of Macroeconomics or Microeconomics?

32. Macroeconomics and Microeconomics  Take five minutes to list three different things that we would study in Macroeconomics and three different things that we would study in Microeconomics

33. Macroeconomics vs. Microeconomics  Would the following topics go under Macroeconomics or Microeconomics? a.Employment rates b.Operations of an individual bank c.How a company uses technology d.Operations of the US Stock Exchange e.Work ethic of an employee f.Competition between US businesses  Would the following topics go under Macroeconomics or Microeconomics? a.Employment rates b.Operations of an individual bank c.How a company uses technology d.Operations of the US Stock Exchange e.Work ethic of an employee f.Competition between US businesses

34. Analyzing modern GDPs  Do you think that a GDP is a good indicator of how wealthy a country is? If not, what would be a better indicator?

35. Top Ten GDPs in 2015 (According to International Monetary Fund)  1. Qatar6. Norway  2. Luxembourg7. UAE (United Arab Emirates)  3. Singapore8. San Marino  4. Brunei9. Switzerland  5. Kuwait10. USA  1. Qatar6. Norway  2. Luxembourg7. UAE (United Arab Emirates)  3. Singapore8. San Marino  4. Brunei9. Switzerland  5. Kuwait10. USA

36. Speculating: 1 Paragraph  Take ten minutes to write a paragraph about why you believe these countries have the highest GDP’s. Think about where in the world they are located, resources they have, the political climate, international relations, employment rates, etc.

37. Create your own nation and explain how you are going to ensure a high GDP 1. Where in the world would you start your country? Why? 2. What resources are you going to utilize? What are you going to spend your money on? 3. What economic policies would your nation follow? 4. How is your government going to play a role in your economy? 5. How are neighboring countries going to influence your economy? 6. What economic/political policies are you going to focus on or introduce in the future based on the direction that you predict the international economy is heading? 1. Where in the world would you start your country? Why? 2. What resources are you going to utilize? What are you going to spend your money on? 3. What economic policies would your nation follow? 4. How is your government going to play a role in your economy? 5. How are neighboring countries going to influence your economy? 6. What economic/political policies are you going to focus on or introduce in the future based on the direction that you predict the international economy is heading?

38. Warm Up  What is the difference between Macroeconomics and Microeconomics?  Identify three economic topics that would go under each  What is the difference between Macroeconomics and Microeconomics?  Identify three economic topics that would go under each

39. Homework  Ask the owner of a small business these questions and record their answers 1. Why did you decide to start a business? 2. Why did you start this type of business? 3. Who is your competition? 4. What was your goal when you started this business and has this goal changed. If so, how has it changed? 5. What would you do if you started losing customers or people weren’t buying what you are selling?  Ask the owner of a small business these questions and record their answers 1. Why did you decide to start a business? 2. Why did you start this type of business? 3. Who is your competition? 4. What was your goal when you started this business and has this goal changed. If so, how has it changed? 5. What would you do if you started losing customers or people weren’t buying what you are selling?

40. Learning Objectives  Synthesize Vocabulary Terms  Analyze Public Goods and their use in modern society  Interpret the Free Rider Problem  Synthesize Vocabulary Terms  Analyze Public Goods and their use in modern society  Interpret the Free Rider Problem

41. Homework Sharing  Share your answers to your homework with a partner  Write down the main differences that you see  Pretend you are the owner of the small business…rank the basic principles of the Free Enterprise system in order of most important to least important for the owner of the small business that you interviewed  Share your answers to your homework with a partner  Write down the main differences that you see  Pretend you are the owner of the small business…rank the basic principles of the Free Enterprise system in order of most important to least important for the owner of the small business that you interviewed

42. Chapter 3 Vocabulary Review Sheet  Fill out the Vocabulary Review Sheet for Chapter 3

43. Public Goods  Public Good: Shared good/service that doesn’t make sense to exclude people who don’t pay for it, or to make consumers pay individually for it  Who should be responsible for paying for Public Goods if not individual consumers? Where does this money come from?  What examples of Public Goods can you think of? List at least five Public Goods  Public Good: Shared good/service that doesn’t make sense to exclude people who don’t pay for it, or to make consumers pay individually for it  Who should be responsible for paying for Public Goods if not individual consumers? Where does this money come from?  What examples of Public Goods can you think of? List at least five Public Goods

44. Examples of Public Goods  Roads/Highways  Dams  Street Lights  Harbors  National Parks  Airport Security  Roads/Highways  Dams  Street Lights  Harbors  National Parks  Airport Security

45. Public Good Role Playing Project- 20 minutes  In groups of 4-5 people, you will be showing the need for a public good that would benefit Liberty students  You will be creating a skit to show the need for this good and writing a script for the skit  The skit needs to include a.Detailed description of the project b.Benefits of the project c.Costs of the project  In groups of 4-5 people, you will be showing the need for a public good that would benefit Liberty students  You will be creating a skit to show the need for this good and writing a script for the skit  The skit needs to include a.Detailed description of the project b.Benefits of the project c.Costs of the project

46. Public vs. Private Sectors  Public Sector: Part of the economy that involves transactions of the government  Private Sector: Part of the economy that involves transactions of individuals and businesses  Which sector pays for Public Goods?  Public Sector: Part of the economy that involves transactions of the government  Private Sector: Part of the economy that involves transactions of individuals and businesses  Which sector pays for Public Goods?

47. The Free Rider Problem  Free Rider: Someone who would not choose to pay for a good/service but gets the benefits of it anyway through a public good  Discussion questions: 1.What is wrong with someone getting something that they don’t pay for? 2.Is this a problem in the United States? Why or why not? If you think it is a problem, how could it be solved? 3.What specific examples of Free Riders can you think of in the United States? 4.What arguments might an extreme Capitalist present in favor of a Free Rider? Do you think Free Riders are more prevalent in a Communist or Capitalist society?  Free Rider: Someone who would not choose to pay for a good/service but gets the benefits of it anyway through a public good  Discussion questions: 1.What is wrong with someone getting something that they don’t pay for? 2.Is this a problem in the United States? Why or why not? If you think it is a problem, how could it be solved? 3.What specific examples of Free Riders can you think of in the United States? 4.What arguments might an extreme Capitalist present in favor of a Free Rider? Do you think Free Riders are more prevalent in a Communist or Capitalist society?

48. Artistic/Creative Expression  Show the Free Rider problem by using only graphics and images  Allow someone who doesn’t understand the concept of the Free Rider  Make your drawings unique!-You want to call attention to your work  You must have at least 10 graphics/images  You cannot use any words other than “Free Rider”  Show the Free Rider problem by using only graphics and images  Allow someone who doesn’t understand the concept of the Free Rider  Make your drawings unique!-You want to call attention to your work  You must have at least 10 graphics/images  You cannot use any words other than “Free Rider”