3.1: Benefits of Free Enterprise

This [very] old cartoon is a fun way to look at Economics -- and specifically, the concept of Free Enterprise.

It's Everybody's Business (1954)
Chapter 3 Section 1: Benefits of Free Enterprise
Assignment:

• Benefits of Free Enterprise (p.49): Chart
• What is Free Enterprise (p.50): Choose two of the characteristics and explain how they protect your freedom of choice.
• Checkpoint (p.51): What are three key economic rights that American's enjoy?
• Checkpoint (p.52): What role do consumers play in the free enterprise system?
• Free Enterprise in the World (p.52): What are the advantages and disadvantages of allowing business to operate with few government limits?
• Critical Thinking (p.53): How did the American economy provide an environment for Oscar de la Renta's success?
• Checkpoint (p.53): What Constitutional protections make it possible for American's to conduct business?
• Chart Skills (p.54): #1 & 2
• Checkpoint (p.55): Why does government place some limits on the freedom of businesses?
• Cartoon (p.55): What is this cartoonist's view of federal regulation?
• Section 1 Assessment (p.55): #1, 2, 3, 6, 7, 9, 10, 11

This video is a clip from a company called "AMWAY" -- a MLM (Multi Level Marketing) company.  It's used to showcase their company, but you can see how they use "Free Enterprise" to boast patriotism.

Free Enterprise: The American Dream

One term that this section (Chapter 3.2) discusses is Eminent Domain. Property Battle: Eminent Domain More on eminent domain with John Stossel:

2.4: Mixed Economies

Chapter 2 Section 4: Mixed Economies

Assignment:

• What are the characteristics of a mixed economy? (p.39): Chart
• Graph Skills (p.40): #1 & 2
  
• Checkpoint (p.40): What is one reason the government plays a role in the economy?
• How does the Circular Flow of a Mixed Economy (p.40) differ from the the Circular Flow Model of a Market Economy?  Why?
• Graph Skills (p.41): #1 & 2
• Checkpoint (p.41): How are governments involved in the product market?
• Applying Economic Principles (p.42): How does the debate over helmet laws represent a conflict between different goals?  Which goal do you think should be given a higher priority?
• Checkpoint (p.43): Why is China's economy more mixed than North Korea's?
• Economics & You (p.43): List two other goods or services that are affected by legal restrictions.
• Checkpoint (p.44): Why is the United States said to have a free enterprise system?
• Section 4 Assessment (p.44): #1, 3, 4, 5, 7, 10

1. What problems does the FDA try to prevent?
2. What laws does the FDA enforce?
3. How does the FDA limit the market for medicines?