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ent_v2_smpcs - Economics Fundamentals of the Free...

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Economics: Fundamentals of the Free Enterprise System and Its Benefits Course Author Todd McKay Your grader may be different from the author. ENT features: 1/2 unit credit 9 lessons, each containing an Introduction, Lesson Objectives, How to Proceed, Discussion, Economic Notebook Assignment, and Lesson Assignment 1 proctored final examination 1 textbook no prerequisites All lesson assignments may be submitted via email or surface mail. ENT v.2.0 Published by Division of Outreach and Distance Education Texas Tech University Box 42191 Lubbock, TX 79409-2191
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Outreach & Distance Education (ODE) K-12 courses are developed by state-certified instructors to comply with the Texas Essential Knowledge and Skills (TEKS), Title 19 TAC Part II, Chapters 110-128, as administered by the Texas Education Agency (TEA). Students are encouraged to visit http://www.tea.state.tx.us/teks/ to review the TEKS used by these state-certified instructors to develop ODE K-12 courses. Outreach & Distance Education Course Development Instructional Designer: Todd McKay Copyright © 2005 by the Board of Regents acting for and on behalf of Texas Tech University, Lubbock, Texas 79409. All rights reserved.
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TABLE OF CONTENTS Introduction to ENT : Economics: Fundamentals of the Free Enterprise System and Its Benefits ...................................................................................................... v Course Lessons Lesson One: Introduction to Economics ........................................................... 1 Lesson Two: Practical Economics .................................................................... 17 Lesson Three: Supply and Demand ................................................................... 31 Lesson Four: Competition and Markets ......................................................... 47 Lesson Five: Finance, Marketing, Distribution, and Labor .................... 57 Lesson Six: The Nation’s Economy ................................................................ 71 Lesson Seven: Government and the Economy; Taxes, Deficits, and Debt ........................................................... 89 Lesson Eight: Trade .............................................................................................. 103 Lesson Nine: Global Integration and E-commerce ................................... 117 Final Examination Directions ................................................................................... 131 Appendices Appendix A: Chapter Review Answer Keys ................................................. 137 Appendix B: Answers to Practice Final Exam Answer Key ................... 167 Appendix C: Texas Essential Knowledge and Skills (TEKS) .................. 169
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ENT, v.2.0 Introduction v Economics: Fundamentals of the Free Enterprise System and Its Benefits elcome to Economics! This is a one-semester course that covers the basics of the American free enterprise system and emphasizes economic reasoning skills. This course has been written specifically for distance learning. It is the equivalent of a one-semester high school economics course and covers the same material. If you’re like most students, you’re beginning this course somewhat reluctantly. Family and friends probably respond with sympathy when you tell them you have to take an economics course. No doubt about it— economics suffers from bad publicity. Ever since 19th-century economist Thomas Malthus’ theories earned economics the label “the dismal science,” people have misunderstood, ridiculed, and avoided it. Don’t let all this gloominess deter you, though. Malthus’ theory turned out to be wrong, anyway, and so is the label placed on economics by many who don’t know much about it.
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