U4: Microeconomics

Microeconomics: The study of who has the money and how I can get my hands on it.Macroeconomics: The study of which government agency has the gun, and how we can get our hands on it.

Gary North

Be sure to visit the Course Calendar for nightly readings, upcoming due dates, etc. 

OVERVIEW

This unit is specifically a Microeconomic unit of study that focuses on the various business organizations, market structures, and the labor force. We will focus on the advantages and disadvantages of owning, investing and/or working for different types of firms in different types of industries. We will also examine the role of labor unions in our economy looking at how they function and what their impact is.

ESSENTIAL QUESTIONS

  1. Define the various business organizations (sole proprietorship, partnership, corporation, and franchise) and give the pros and cons of each. Which you prefer to work for some day and why?
  2. Identify the characteristics of the four market structures and explain the difference in competition that firms face in each.
  3. Explain the role of labor unions and their impact on the economy. What are “right-to-work” laws and how do they affect the labor force?

Key Terms

  1. sole proprietorship
  2. unlimited liability
  3. partnership
  4. limited partnership
  5. limited liability
  6. corporation
  7. corporate charter
  8. franchise

Key Terms 1-8 PowerPoint

  1. preferred stock
  2. common stock
  3. perfect competition
  4. monopoly
  5. oligopoly
  6. monopolistic competition
  7. anti-trust legislation
  8. mergers (vertical, horizontal)

Key Terms 9-16 PowerPoint

  1. conglomerate
  2. deregulation
  3. blue-collar workers
  4. white-collar workers
  5. labor unions
  6. collective bargaining
  7. mediation
  8. arbitration

Key Terms 17-24 PowerPoint

People/Case Studies

  1. sole proprietorship (ebay, kinkos)
  2. partnership (Apple, Google, Twitter, Ben & Jerry’s)
  3. franchise (Subway, 7-eleven, Dunkin Donuts)
  4. corporations (Johnson & Johnson’s, Kraft Foods, UPS)
  1. monopoly (U.S.P.S., Southern California Edison, RTA)
  2. inventor (Thomas Edison, Alexander Graham Bell, George Washington Carver)
  3. entrepreneur (Sean Combs, Michael Bloomberg, Larry Ellison)
  4. CEO (Steve Ballmer, Elon Musk, Jerry Buss)

Ideas, Skills, Concepts

  1. Business Organizations
  2. Market Structures
  1. Labor Force
  2. Labor Unions

Files