Week of September 21, 2015

2(1)
economic system
factor paymets
patriotism
safety nets
standard of living
traditional economy
market economy
centrally planned economy
mixed economy

2(2)
market
specialization
household
firm
factor market
profit
product market
self interest
incentive
competition
invisible hand
consumer sovereignty

2(3)
socialism
communism
authoritarian
collective
heavy industy

2(4)
laizzez faire
private property
free enterprise
continuum
ttransition
privatize

Economics interview project

Business Interview-  

Presentations due week of October 3, 2015

Only Rule: DO NOT ASK WHAT THE PERSON EARNS/YEAR

PowerPoint / visual needed for presentation

Speak to a Sole Proprietor, partner, or manager of a business

Name of subject interviewed

Name of establishment and how long it existed

How long has the person worked at the establishment?

Story behind the start up or the person getting involved in establishment

Type of investment in business-

      Physical and human capital, natural

      Fixed costs

      Variable costs

Target audience, how do they reach their customer? (advertisement…)

How do they expand their market share?

Seasonal and cyclical nature of business?

Any indicators of  the business cycle changing?

Employee expectations?

How do local, state or federal regulations impact business?

What type role can government play in helping your business?

What types of sacrifices had to be made to make a successful business?

What are the benefits of owning or managing a business?

Words of wisdom to someone looking to enter the field? 

Chapter 2 vocab

2(1)
economic system

  traditional economy

  market economy

  centrally planned/command economy

  mixed economy

factor payments

patriotism

safety net

standard of living


2(2)
market

specialization

household

firm

factor market

profit

product market

self interest

incentive

competition

invisible hand

consumer sovereignty

2(3)
socialism

communism

authoritarian

collective

heavy industry

2(4)
laissez faire

private property

free enterprise

continuum

transition

privatize

Chapter 1(1)

1(1)
 Economics

Need vs. Want-

Goods vs. Services

Scarcity vs. Shortage

Factors of production-  land, labor, capital

Physical vs. Human Capital

Entrepreneur-


1(2)
trade off

guns or butter

opportunity cost (best opportunity lost)

thinking at the margin (marginal analysis)


1(3)
production possibilities curve

production possibilities frontier

efficiency

underutilization

cost

law of increasing costs

Classroom expectations

Grading Policy:
Homework 15%
Class work 25%
Exams/presentations  60%


Bring a good attitude, a binder, and something to write with in class every day.

I will be available for extra help almost every day, especially if you let me know you are coming.
My extra help day is Thursday at the Freshman homework club.