Chapter 1: The Foundation of Business
**SHORTEN ECON INFO**
Course Outcomes/Goals -
Describe why and how the health of the economy is measured
Ch 1.2 Getting Down to Business
We will use our digital textbook to drive this lesson. Here is the link. We will break the section into teams and share our learning with the collaboration link below:
- Define business
- Discuss goods vs services (each team will list as many examples as they can)
- I.D. other types of organizations
- Determine business participants
- Determine functional areas of business
- Discuss external forces that influence business
.. Ethical? | Good corp citizenship vs bad
.. What about McDonalds?
20 pts - Choose a business. Create a graphic or visual that identifies main activities or functions of that business (be specific) and how the four external forces we discussed in class might affect their business. Include at least four functions of the business. For example, what are the important marketing activities for the business you choose. Include at least two images in your graphic/visual. Send it to me on Google Classroom when completed.
I will be using elements from the Creative/Original Computer Rubric to grade your project.
Ch 1.3 What is Economics?
Assembly your nation! Your group will be given a country (North Korea, Sweden, Japan). Do some research on your country's economic system. You will present/argue why your country's economic system is the best in the world.
1.4 PERFECT COMPETITION AND SUPPLY AND DEMAND
We will be covering info from section 1.4. We will start off by watching this video on perfect competition. Next, we will look at what our book has to say about supply, demand, and equilibrium price. This interactive graph will help reinforce equilibrium price (may no longer work).
Here are some videos that explain supply, demand, and equilibrium price. We'll look at the end of the supply video for an explanation on the difference between changes in demand and supply versus changes in the quantity demanded and the quantity supplied. We'll also check out this handy infographic. We may also talk about some of the examples from this activity.
- What happens to the price of a good when there is a limited supply such as this?
High Supply, Low Demand Example
Try your hand at this supply and demand game.
1.5 Monopolistic Competition, Oligopoly, and Monopoly
1.6 Measuring the Health of the Economy
There is a lot of important information in section 1.6. You will want to make sure to read this section over individually. In class, we will divide and conquer by breaking up the information.
Genius - Sign up for an account on this site (if it works)
Collaboration - Use to add text, images, videos, or links that will help explain your section
Complete Ch 1.6 exercise questions 1 & 2. For question one, you can choose two countries. Send it to me on Google Classroom when completed.
1.7 Government’s Role in Managing the Economy
The following videos cover microeconomics, macroeconomics, monetary policy, and fiscal policy from section 1.7. They also do a good job of reviewing parts of the material we covered in section 1.6. After watching the videos we will discuss examples of how the government tries to manage the economy.