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DIRECTIONS: For each of the following lessons, read the introduction and then use the website provided to look up the answers to the questions. Your answers should be in complete sentences and be typed. Please include your name and class period in a header.LESSON 1: Scarcity & Private EnterpriseThe CIA World Factbook provides information on the world’s countries in the form of 2-3 page summaries. The key information describes the political, economic, and legal systems, as well as descriptions of the demographic characteristics, infrastructure, natural resources, and trading characteristics. Visit the website of the Factbook to answer the following questions. 1:How does the Factbook describe the type of economic system of the United States? What is the role of businesses, individuals and the government in the economic system?Question 2:What are some of the basic pieces of critical information this website gives regarding different locations of the world?Question 3:How does the CIA World Factbook help you understand basic economic principles that affect a country like the United States?LESSON 2: Observing the Law of Supply & DemandThe laws of supply and demand work but sometimes in unusual ways. Visit the website listed and read the short story about the price of water during the California gold rush as people traveled west along the California trail. Then answer the questions below. 1:The story suggests that poor planning resulted in the market conditions that allowed water suppliers to charge high prices as people headed further west. What type of planning would have changed the conditions and kept the price of water lower? Question 2:Do you think the business people who shipped the water eastward were ethical when selling water for $1 to $5? What about $100 a glass? Do you think the government should have played a role in keeping the prices of scarce products lower since so many people were traveling the route? Why or why not?Question 3:Can you think of any recent situation in which demand for a product far exceeded supply for a short time? Describe the situation, including the impact on the product’s price and on consumer demand?LESSON 3: Types of Economic CompetitionMost utility companies (such as electric, gas, and water companies) are organized as monopolies. For this reason, government agencies exert considerable control over these types of businesses. The Public Utilities Commission of Ohio (PUCO) is a typical regulatory agency. Visit the PUCO web site to answer the following questions. 1:By reviewing the tabs at the top of the PUCO home page, what types of industries does PUCO regulate? Do you believe all are monopolies? Why or why not?Question 2:In addition to regulating prices, in what other ways are businesses regulated and consumers protected by PUCO? (Hint: Click the link to About – PUCO Organization.)Question 3:How would you identify an agency similar to PUCO for your community, county, or state in order to gather information on its role and responsibilities?LESSON 4: Enhancing Economic UtilityStarbucks revolutionized the way coffee is served and consumed. At the same time they were able to increase the prices people were willing to pay for coffee. Visit the Starbucks website and answer the following questions. 1:Which of the four economic utilities do you think was most important to the success of Starbucks?Question 2:People used to pay 25 cents for a bottomless cup of coffee at a restaurant. Today they will pay several dollars for specialty coffee drinks like a java chip frappuccino. Why do you believe Starbucks customers have changed their view of value and price? Question 3:What advice would you give to Starbucks competitors on how they can use economic utility to compete with the successful company? ................
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