Economics and the Free Enterprise System
Junior Achievement
Spring 2013
Mr. Warzecha
Room 112
First Nine Weeks: Economic Principles & the Business of Free Enterprise
CHAPTERS YOU WILL READ:
Chapter 1 – What is Economics?
Chapter 4 – Supply
Chapter 2 – Free Enterprise in the United States Chapter 5 – Market-Clearing Price
Chapter 3 – Demand
Chapter 7 – The Business of Free Enterprise
Chapter 8 – Financing a Business
Chapter 9 – Production and Productivity
Chapter 11 – How Businesses Compete
VOCABULARY WORDS YOU WILL DEFINE:
Vocabulary Quiz #1
1. market
2. market economy
3. economics
4. goods
5. services
6. resources
7. natural resources
8. human resources
9. capital resources
10. entrepreneurship
11. scarcity
12. opportunity cost
13. trade-off
14. economy
15. private property
16. price system
17. competition
18. incentive
19. profit
20. barter
Vocabulary Quiz #2
1. demand
2. price effect
3. Law of Demand
4. substitute
5. price elasticity of demand
6. complimentary goods
7. supply
8. Law of supply
9. marginal costs/benefits
10. pillars of free enterprise
11. market-clearing price
12. shortage
13. surplus
14. rationing
15. incentives
16. price ceiling
17. price flood
18. elasticity of demand
19. elasticity of supply
20. circular flow
Vocabulary Quiz #3
1. entrepreneur
2. E-commerce
3. gross domestic product
4. sole proprietorship
5. partnership
6. corporation
7. stockholders
8. board of directors
9. prospectus
10. financial markets
11.bonds
12. equity
13. common stock
14. preferred stock
15. depreciation
16. income statement
17. balance sheet
18. assets
19. liabilities
20. net worth
Vocabulary Quiz #4
1. gross domestic product
2. inflation
3. labor productivity
4. productivity
5. fixed costs
6. variable costs
7. law of diminishing returns
8. economies of scale
9. standard of living
10. pure price competition
11. monopolistic competition
12. differentiation
13. oligopoly
14. collusion
15. monopoly
16. patent
17. copyright
18. trademark
19. merger
20. marketing
OUR CLASS GOALS: (TEKS Objectives)
The student will understand:
1. the rights and responsibilities of consumers in the U.S. free-enterprise system.
2. the rights and responsibilities of businesses in the U.S. free-enterprise system.
3. the right to own, uses, and disposes of private property.
4. the basic principles of the U.S. free-enterprise system.
5. the concepts of scarcity and opportunity costs.
6. the circular-flow model of the economy.
7. the interactions of supply, demands, and price.
8. the role of financial institutions in saving, investing, and borrowing.
9. types of business ownership and types of market structures.
10. traditional, command, and market economic systems.
11. the basic concepts of consumer economics.
12. the geographic significance of the economic factors of production.
13. applies critical-thinking skills to organize and use information acquired from a variety of sources, including
electronic technology.
Textbook:
Junior Achievement Economics. Colorado Springs, CO.: JA Worldwide. 2007.
*Additional packets and readings will be distributed periodically to augment the textbook material.
Grading Scale
Tests………………………………….………………………………………………..……...35%
Formative (Quizzes/Daily Assignments/Homework)……………………50%
Enrichment Projects………………….………………………………………………...15%
*Major enrichment projects will receive grades throughout the progression of the project and a final grade at the
completion of the project.
Retest Policy
No retests will be allowed during the year. Exams will be announced one week prior to the date of the exam and the
expectation is that the student studies before the exam to be successful on the assessment.
Make-up or Late Work Policy
Late work is discouraged in this class. It is the student’s responsibility to complete all assignments by the due date.
Assignments are due at the beginning of class on the certain due dates. Make-up work applies to students that have
an excused absence. If a student misses the class, they need to come to see me as soon as they return to school to
receive assignments and turn in assignments if they were due the day they were absent. For missing assignments,
one day late is 30 points taken off the grade, 2 days late is 50 points taken off the grade, and 3 days late is no credit.
Plagiarism
Scholastic dishonesty involving, but not limited to, cheating on a test, plagiarism and collusion are a violation of
school policy and will not be tolerated. If you are caught plagiarizing another person’s work or cheating on a test the
assignment or test will receive a zero.
Code of Conduct
In order to create an environment where everyone in the classroom is positively and actively involved with one
another and where everyone feels safe and cared about, I will:
 Treat everyone with respect and courtesy.
 Help create and maintain a safe and positive learning environment.
 Show respect for school and person property.
Cell Phone Policy
Cell phones must be turned off during all classes. If a student has a cell phone out in class, it will be taken up and
given to the administration office. Please see student Code of Conduct for more information.
Dress Code
Students must remain in dress code at all times. Please see student Code of Conduct for more information.