Lesson 5: Summary Project

In this lesson, we’ll tie all of our previous lessons together by selecting a consumer facing business and analyzing it through the lens of the business concepts we previously examined.

Google_Classroom_LogoProject Summary Rubric

Open Google Classroom to access the template below the rubric. Follow the directions in the rubric below to earn 10 out of 10 points on your project summary.

Project Template

Unit 1: Study Guide

You will be responsible for not just knowing the definitions of the words below, but for understanding the concepts associated with them as well.

Essential Questions:

  • What are the similarities and differences between competing economic systems?
  • How do the needs and wants of consumers influence what goods and services businesses produce?
  • How does competition motivate business?
  • How does profit motivate business?

Terms

  • Business
  • Economic Systems
  • Traditional (subsistence) Economy
  • Command (planned) Economy
  • Market Economy
  • Mixed Economy
  • Needs and Wants/Goods and Services
  • Competitive Advantage/Unique Value Proposition
    • Comparative Advantage
    • Differential Advantage
  • Profit Motive
  • Millennials in the Workforce
  • Blake Mycoskie
  • The Double Bottom Line