1. ECONOMIC ROLES Unit 2, Part 1
Chapter 3
2/25/2019
ECONOMIC ROLES Unit 2, Part 1
Identify three economic roles each person performs.
Explain how consumers affect the supply and demand for goods and services.
Understand the impact of worker productivity on our standard of living.
Recognize the role of citizens in our economy.

2. ECONOMIC ROLES YOU PERFORM
Chapter 3
2/25/2019
ECONOMIC ROLES YOU PERFORM
Consumer
Worker
Citizen

3. YOUR CONSUMER ROLE Dollar votes help create demand
Chapter 3
2/25/2019
YOUR CONSUMER ROLE
Dollar votes help create demand
Demand helps determine supply
Demand and supply affect prices
Competition helps keep:
Prices reasonable
Quality products

4. SUPPLY and DEMAND
DEMAND – the quantity of a product or service that consumers are willing and able to buy at a particular price
SUPPLY – the quantity of a product or service that businesses are willing and able to provide at a particular price

5. How Supply and Demand Affect Price
A high demand for a product normally drives up the price
A decreased demand will drive a price down
Shortage of a product may drive up the price
Surplus may drive the price down

6. YOUR WORKER ROLE Supports your standard of living
Chapter 3
2/25/2019
YOUR WORKER ROLE
Supports your standard of living
Efficient producers – competition allows only efficient producers to survive in the market place

7. Your Standard of Living
The way you live as measured by the kinds of goods and services you can afford
Success as a worker will be the most important factor in determining your standard of living.

8. Your Standard of Living
Improving our standard of living is done by producing more as workers
Labor productivity – the quantity of a good that an average worker can produce in a given time.

9. YOUR CITIZEN ROLE
Supports (helps provide) public goods – these are needed by a community and provided by the government
As a citizen, we:
Pay taxes to provide for public goods
Vote

10. What are your three roles in our free enterprise system?

11. How do consumers affect the demand for supply of goods and services?

12. What is the importance of worker productivity on our standard of living?

13. What is the role of citizens in our economy?