1. Free Enterprise

2. Warm Up
What does it mean to be “Free”? Define the word in one sentence and then draw a picture to show you understand the word

3. Homework: Complete the Study Guide
Complete Study Guide by filling out all relevant notes and materials for each term/concept on the study guide

4. Looking Ahead: Quiz Next Week
Quiz in 2 classes: Start Studying Today
Be ready for Notebook Check going back to 9/1

5. Interpret the difference between Macroeconomics and Microeconomics
Learning Objectives
Interpret the difference between Macroeconomics and Microeconomics
Analyze GDP rates of different countries
Synthesize Free Enterprise Economy

6. Macroeconomics and Microeconomics
What is a microscope?
What does it mean for something to be microscopic?
What do you think Microeconomics is?
If Macroeconomics is the opposite of Microeconomics, what do you think Macroeconomics is?

7. Macroeconomics: Study of economics on a larger level
Vocabulary Notes
Macroeconomics: Study of economics on a larger level
Microeconomics: Study of economics on a smaller level

8. Fun With Whiteboards: MacroEconomics vs. MicroEconomics
On your whiteboard, write down whether the topic would fit under Macroeconomics or Microeconomics

9. Employment Rate= Number of People who have jobs
A country’s employment rate

10. The day to day operations of an individual bank
Fun With WhiteBoards
The day to day operations of an individual bank

11. How a company uses their technology
Fun With Whiteboards
How a company uses their technology

12. Operations of the US Stock Exchange
US STOCK EXCHANGE: Place where a company sells part of its ownership to buyers
Operations of the US Stock Exchange

13. Employee: Someone who works for a company
How an individual employee acts at work

14. Competition between US Businesses
Fun with Whiteboards
Competition between US Businesses

15. Analyzing Gross Domestic Product
GDP (Gross Domestic Product): The money that a country makes through selling goods and services

16. Check For Understanding and Remembering Material
Is a country’s GDP part of Macroeconomics or Microeconomics? Why?
When did we talk a country’s GDP rate before?
What did we conclude about that country’s economy?
Based on what we know about this country’s economy, do you think that GDP rates are a good way of telling how good a country’s economy is? Why?

17. China’s Growing GDP Rate

18. Top Ten GDPs in 2015 (According to International Monetary Fund)
1. Qatar Norway
2. Luxembourg UAE (United Arab Emirates)
3. Singapore San Marino
4. Brunei Switzerland
5. Kuwait USA

19. Speculating on GDP RAtEs
Speculate: To form ideas based on what you think rather than know
In 3-4 sentences, speculate on what factors you think play a role in a country’s GDP rate
Hints: Consider the following
-Geography
-Government
-Resources
-Employment rates
-International relations

20. Factors that Impact GDP RATES
Government: Stability and Spending
Consumer spending and Confidence
Exports/Imports
Interest Rates and Banking Sector
Value of Exchange Rate
Infrastructure
Human Capital
Technological Development

21. Act out the word that you are given
Charades
Act out the word that you are given
The rest of the class has to guess the word that you are acting out
You can’t talk or draw

22. What are the seven basic principles of the Free Enterprise System?
Warm Up
What are the seven basic principles of the Free Enterprise System?

23. Homework: Complete Study Guide
Complete Study Guide by filling out all relevant notes and materials for each term/concept on the study guide

24. Looking Ahead: Quiz Next Class
Quiz Next Class: STUDY, STUDY, STUDY!!!
Be ready for Notebook Check going back to 9/1

25. Engage in Collaborative Learning
Learning Objectives
Engage in Collaborative Learning
Synthesize material from Economic Systems-Free Enterprise
Enhance Studying Skills

26. The Surging Hispanic Economy
After reading the article, answer the following questions:
-Write down 5 vocabulary words from the article that you don’t understand. Look them up and define them
-Why is this article called The Surging Hispanic Economy?
-What do Nationwide Statistics, from , tell us about the income of Latinos?
-What examples of Hispanic entrepreneurs does the article give?
-This Article focuses on Charleston, S.C.- Do you think it would be different if the author focused on California? Why or Why not?

27. 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

28. 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
If your group gets the question wrong, it goes to the next group
Your whole group will lose points if you violate any class norms or complain!!!

29. Quiz II Review Worksheet
Fill out the Quiz II Review Worksheet

30. Warm Up
Get ready to take quiz and have your Notes going back to 9/1 ready for me to check

31. Homework: Speculating about the Future
In one paragraph, write about what good or service do you think is going to be in the highest demand? Explain why you think this

32. Enhance Quiz-Taking Skills Analyze how Demand impacts Economics
Learning Objectives
Enhance Quiz-Taking Skills
Analyze how Demand impacts Economics
Engage in Collaborative Learning

33. Quiz
Take Quiz

34. Demand: How much someone wants something and is willing to pay for it
Analyzing Demand
Demand: How much someone wants something and is willing to pay for it
Law of Demand: People will buy more of something when it is cheaper
Substitution Effect: Consumers will buy less of something if there is an increase in the good’s price

35. Warm Up
What good or service do you think has the highest demand in the market?
How does pricing of goods and services impact the demand for the product?
Can you think of any products in which we have seen the Substitution Effect take place?

36. Homework: Speculating about the Future
In one paragraph, write about what good or service do you think is going to be in the highest demand? Explain why you think this

37. Interpret the article: The Surging Hispanic Economy
Learning Objectives
Interpret the article: The Surging Hispanic Economy
Analyze Factors that impact the Demand of a good/service
Build connections between Ethics and Economics

38. Return to Article
Write down 5 vocabulary words from the article that you don’t understand. Look them up and define them
Why is this article called The Surging Hispanic Economy?
What do Nationwide Statistics, from , tell us about the income of Latinos?
What examples of Hispanic entrepreneurs does the article give?
This Article focuses on Charleston, S.C.- Do you think it would be different if the author focused on California? Why or Why not?

39. Factors that can change the demand of a good/service
Price
People’s Income
Consumer expectations about the future
Population/Demographics
Consumer tastes and Advertising: Trends, Media, Advertising

40. Check For Understanding
Rank the Factors that can change the demand of a good from most impactful to least impactful
Be ready to explain why you ranked the factors in the way that you did

41. Normal and Inferior Goods
Normal Good: Good that consumers demand more of when the income of the consumer increases
Inferior Good: Good that consumers demand less of when the income of the consumer increases
Create a list of 5 goods that you would consider Normal and Inferior Goods

42. Necessities vs. Luxuries: Discussion
What did we say a need is?
What is a necessity? Identify three examples
What did we say a want is?
What is a luxury? Identify three examples
What goods can you think of that used to be luxuries but are now considered necessities?
What is ethics? How could demand become an ethical issue?

43. Weekly Vocabulary Sheet
Complete the Weekly Vocabulary Sheet

44. Warm Up
What is Ethics? How could the demand for a product become an Ethical issue?

45. Enhance Public Speaking skills
Learning Objectives
Enhance Public Speaking skills
Interpret the connection between Ethics and Economics
Engage in Collaborative Learning

46. Homework
Go over Homework: What good/service do you think is going to be in the highest demand in 20 years from now? Why do you think this?
Each person will share in front of the class
We will vote on which person we think has the best argument for which good/service will be in the highest demand in 20 years
The winner will get extra credit on their homework

47. Ethics and Demand Ethics: Difference between right and wrong
Total Revenue: The total amount of money a firm receives by selling goods or services
Do you think it is ethical for a producer to charge a lot of money for a good or service that is in high demand because people need it? Why or why not?
Do you think it is ethical for a producer to charge a lot of money for a good or service that is in high demand because people want it? Why or why not?

48. Producers: Revenue vs. Ethics
Think about the following producers: Which can expect a revenue increase from higher prices and which can expect a revenue decrease from higher prices. Be ready to explain why you think this:
Pharmaceutical Companies
Entertainment Software Companies
PG&E
Sportswear Manufacturer

49. You are the Producer-Skit
In groups of 2-3 people, create a skit in which you show how ethics can impact the production of certain goods or services
Roles: Producers, Consumers, Economists, etc.
Be sure to explain in your skit how an ethical dilemma is being shown
Be prepared to act out your skit for the class (2-3 minutes)

50. Check For Understanding
Is it the job of producers and businessmen/women to be ethical when selling products? Why or why not?