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Learning Economic Vocabulary through Businesses in Our Community

Using case studies of local Black-owned businesses, students will learn key economic vocabulary terms and be able to explain how those terms apply to real world situations in their own community.

NC Standard Course of Study:

• 2.E.1.1 Give examples of ways in which businesses in the community meet the needs and wants of consumers.
  • The student will understand:
    • Businesses in a community produce goods and services based on the wants and needs of consumers
    • Businesses produce goods and services that often benefit the economic system within a community.
  • The student will know:
    • That wants and needs drive economic development and the types of businesses that are established in a community.
    • Examples of businesses in the local community.
    • A market economy answers the questions of what gets produced, how it is produced, and who receives it, and how it meets the needs and wants of consumers. For example: Clothes produced in factories meet consumers' needs/wants, grocery stores supply food products that consumers need.
    • Economics is the process of making decisions about the use of resources to meet the needs and wants of consumers.
    • Businesses incur costs by hiring individuals and earn profit and revenue by selling goods and services.
    • The definition of economic terms such as scarcity, resource, profit, revenue, consumer, and producer.
• 2.E.1.2 Explain the roles and impact producers and consumers have on the economy.
  • The student will understand:
    • The economic decisions relating to what people buy often determine what goods and services are produced.
    • People can be both producers and consumers.
    • People often depend on trade with others to meet their wants and needs.
  • The student will know:
    • The difference between a consumer and a producer.
    • Consumer impact on the economy.
• 3.E.2 Understand entrepreneurship in a market economy. 
  • 3.E.2.1 Explain why people become entrepreneurs. 
  • 3.E.2.2 Give examples of entrepreneurship in various regions of our state.

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