Use McGraw Hill Economics Textbook. Chapter 3 Lesson 1: American Free Enterprise and Capitalism

A brief powerpoint has been provided from McGraw Hill if you would like to use it with your synchronous lesson.

Begin Class with a warm-up activity and Discuss student answers. TEKS 6A

Point out to students that in this lesson they will learn that one of the greatest benefits of the U.S. free enterprise system is the variety of goods available to consumers. To reinforce this idea, take a poll asking students to identify as many types of shampoos (or shampoo brand names) they can. Then point out that in addition to a large variety of goods, another important benefit of free enterprise in the United States is the ability of producers to adapt to change. Ask students to name some products that have been developed or modified because of changes in the marketplace. To stimulate discussion, mention computers and cell phones. Discuss how a variety of new products emerges quickly in a free enterprise system with each new change in technology or consumer interest. TEKS 6A

Review the characteristics of a command economy. Ask: Would a manufacturer in a command economy have any incentive to invest large amounts of money in developing innovative products? Why or why not? (Possible answer: No, because command economies allow little or no competition, so manufacturers are not compelled to make newer or better products to survive.)

Ask students to think about family members, neighbors, or other people they know who own a small business. Ask: Why can Americans start businesses? What kind of businesses do they own? Who are their competitors? What role does the government play in how they run their businesses or in the products they sell? Guide a discussion of how these small businesses illustrate free enterprise capitalism. TEKS: Content 6A

Have students read about the Characteristics, Benefits and Disadvantages of the Free Enterprise System in the Assignment. There are two activities for them to complete.

End the Class with an Exit Ticket to check for understanding on the concepts for this section.