The Economy Chapter One

Introduction to Business

Group Project:

Purpose - The purpose of this assignment is to learn about the economy
and how it influences business decisions.

Method - You will be divided into groups and tasked to become experts
about a section of chapter one in the book. You will be required to teach
the class about your section by defining the vocabulary terms,
explaining the meaning and relationship between the terms, and
providing examples to further understanding.

Evaluation Each group will be required to present their assigned
section in a visual format as well as prepare a handout of terms with
explanations and examples. Handouts must be no larger than a half
sheet of paper. Visuals (poster, diagram, etc.) must be easily read from a
distance. You will be evaluated on the resourcefulness of your group.
Provide a citations page for all resources that you cite in your
presentation.

Grading Handout= 10 points
Visual= 25 points + citations 5 points
Presentation= 10 points
TOTAL= 50 points

Due Date for Handout September 23 (A day), 24 (B day)

Presentations September 25 (A day), 29 (B day)


Section Details:

Economic Systems (pg.4-6)
Terms scarcity, three key economic questions, traditional
economy, command economy, market economy, Capitalism
Example/illustration Compare & contrast specific countries who
operate using each of the economic systems


Characteristics of a Market Economy (pg.6-8)
Terms market economy, private enterprise, private property,
profit, profit motive, competition
Example/illustration - benefits of moving from a command and
traditional economic system to a market economy

Providing Needs and Wants Economic Resources (pg.10-12)
Terms goods, services, factors of production, natural
resources/land, human resources/labor, capital resources, money
as capital, entrepreneurial resources
Example/illustration examples of economic resources for each of
the three business types (use a specific business)

Economic Decision Making (pg.12-15)
Terms need, want, each of the six steps
Example/illustration diagram the process of purchasing a new
phone

The Business Cycle (pg.20,21 & 18)
Terms GDP, prosperity, recession, depression, recovery
Example/illustration present historic time periods that
represent each phase and detail what occurred

Supply and Demand (pg.24-25)
Terms demand, dollar vote, price, equilibrium price, supply
Example/illustration diagram demand and supply curves for a
product (be able to explain consumers willingness to purchase as
price increases vs. suppliers willingness to produce)

Economic Roles and Well-Being (pg.23,24 & 26)
Terms citizen role, worker role, consumer role, standard of
living, quality of life, need, want
Example/illustration share the happiness of people in different
countries (developing vs developed) to illustrate quality of life