12.E2 - Individuals and Businesses in Markets
From EngageNY
INDIVIDUALS AND BUSINESSES IN THE PRODUCT AND FACTOR MARKETS: Free enterprise is a pillar of the United States economy and is based on the principle that individuals and businesses are free to make their own economic choices as they participate in these markets. Individuals buy the goods and services that they desire from businesses in the product markets, and they contribute to producing these goods and services by supplying the resources that they own to businesses in the factor markets.12.E2a Given that the resources of individuals (and societies) are limited, decisions as to what goods and services will be produced and to whom to sell one’s resources are driven by numerous factors, including a desire to derive the maximum benefit from and thus the most efficient allocation of those resources.
12.E2b The choices of buyers and sellers in the marketplace determine supply and demand, market prices, allocation of scarce resources, and the goods and services that are produced. In a perfect world, consumers influence product availability and price through their purchasing power in the product market. Product market supply and demand determine product availability and pricing.
12.E2c Businesses choose what to supply in the product market, based on product market prices, available technology, and prices of factors of production. The prices of those factors are determined based on supply and demand in the factor market. The supply and demand of each factor market is directly related to employment. Debates surround various ways to minimize unemployment (frictional, structural, cyclical).
Supporting Materials
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Factory ManagerEach player owns a factory and tries to earn the most money during the game. To be successful, each player must use his workers to buy the best machines and robots at the market and to run the machines most effectively in his factory. Because of increasing energy prices, the players must be... |
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FREE: The Future of a Radical Price (Unabridged)The New York Times best-selling author heralds the future of business in Free. In his revolutionary best seller, The Long Tail, Chris Anderson demonstrated how the online marketplace creates niche markets, allowing products and consumers to connect in a way that has never... |
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New York SliceIn New York Slice, each player slices pizzas into portions, giving their opponents first choice, while they take the leftovers. There are a dozen kinds of pizza to work with, from veggie to hawaiian to meat lover's, and each player decides if they want to eat or keep some of the slices, building... |
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Piece o CakeEveryone knows the cake rules: one person cuts,the other chooses. In this way, one makes the slices as equal as possible so that one does not end up with the short end. But this rule does not apply to "...aber bitte mit Sahne (...but please, with whipped cream)." Here a person can cleverly offer... |
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Power GridEarning money with electric power? Earning lots of money with electric power? A very good idea!!! Should I use coal or oil to generate power in the old-fashioned way or will their be a shortage of those resources in the future? Will there be a future in burning garbage? Certainly nuclear power... |
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Power Grid Expansion MapsThese are expansion maps for the base game Power Grid and not a stand alone game. You will need to check out a copy Power Grid to use with these maps. |
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The Hudsucker ProxyMailroom clerk Norville Barnes is a rube, a schmoe, a grade-A ding-dong - just what Hudsucker Industries wants in a president! With him at the top, the stock will hit bottom… and the fat cats on the board can take over. But Norville (Tim Robbins) has his own spiffy little plan. And if a snoopy... |
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