2.3 Capitalism and Economic Freedoms
Unit 1 Lesson 6: Capitalism and Economic Freedoms
Did you Know?
Bill Gates is perhaps the nation's most successful entrepreneur. In 1975 he cofounded Microsoft Corporation, and 20 years later that company made him the world's richest man. But in 1998, the federal government took Microsoft to court. The government charged that the software giant used unfair practices to try to put its competition out of business. In 1999, the court agreed with the government and found Microsoft guilty of antitrust practices.
Main Idea
A market economy is normally based on a system of capitalism, where private citizens, many of whom are entrepreneurs, own the factors of production. Free enterprise is another term used to describe the American economy. In a free enterprise economy, competition is allowed to flourish with a minimum of government interference.
Lesson Objectives
By the end of this lesson, students should be able to:
Bill Gates is perhaps the nation's most successful entrepreneur. In 1975 he cofounded Microsoft Corporation, and 20 years later that company made him the world's richest man. But in 1998, the federal government took Microsoft to court. The government charged that the software giant used unfair practices to try to put its competition out of business. In 1999, the court agreed with the government and found Microsoft guilty of antitrust practices.
Main Idea
A market economy is normally based on a system of capitalism, where private citizens, many of whom are entrepreneurs, own the factors of production. Free enterprise is another term used to describe the American economy. In a free enterprise economy, competition is allowed to flourish with a minimum of government interference.
Lesson Objectives
By the end of this lesson, students should be able to:
- Explain the characteristics of a free enterprise system.
- Describe the role of the entrepreneur, the consumer, and government in a free enterprise economy.
Reading Assignment
Read pages 48-51 in Economics: Principles & Practices. Complete the Guided Reading Activity (print it) as you read. Turn it in after you have completed it.