12. E2 INDIVIDUALS AND BUSINESSES IN THE PRODUCT AND FACTOR MARKETS:
Free enterprise is a pillar of the United States economy and is based on the principle that individuals and businesses are free to make their own economic choices as they participate in these markets. Individuals buy the goods and services they desire from businesses in the product markets, and they contribute to producing these goods and services by supplying the resources they own to businesses in the factor markets.
'I can...' Statements...
- I can explain the role of free enterprise in the US economy.
- I can explain the allocation of limited resources and their role in production.
- I can explain the role of the consumer in influencing product availability and price through their purchasing power in the product market; how this plays out ideally and in relation to supply and demand
- I can describe the role of supply and demand in the factor market and how this affects businesses
- I can contribute to the debate on ways to minimize unemployment.
INDIVIDUAL RESPONSIBILITY AND THE ECONOMY: Individuals should set personal financial goals, recognize their income needs and debt obligations, and know how to utilize effective budgeting, borrowing, and investment strategies to maximize well-being.
"I can..." Statements
12.E1: I can set personal financial goals, recognize my income needs and debt obligations, and know how to utilize effective budgeting, borrowing, and investment strategies to maximize my well-being.
12.E1a I can consider my resources (e.g., income and wealth), preferences, and ethics when making my economics decisions
12.E1b I can identify the elements of sound personal finance (money management) practices.
12.E1c I can effectively manage my personal finances by understanding the forms and purposes of financial credit, the impact of personal debt, the role and impact of interest, and the distinction between nominal and real returns.
We will be using Google Classrooms and Google Drive for class assignments and workflow. You will sign in using you ID number and birthday. The blog will be used for basic updates - assignments and such will be found on the Google Classrooms site - you will find links on the right.
Password: 8 digit birthday - 01011999
You will need a class code, which is provided in class.