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.