Module-16

The role of business in The economy:
M arkets and coMMerce

TEACHER’S GUIDE
P. 487
P. 491
P. 492
P. 492
P. 493
P. 496
P. 497
P. 501

Defined
Content standards
Materials
Procedure
Lesson outline
Closure
Assessment
Overheads

VISUAlS N
Visuals for overhead projector.
Copy to transparent paper for overhead.
P. 502 NVisual-1: Market defined
P. 503 NVisual-2: Business defined

lESSonS 2
Copy and handout to students.
P. 506
P. 513
P. 518
P. 522

2Lesson-I: I, Pencil
2Lesson-II: Specializing in production
2Lesson-III: Wal-Mart
2Lesson assessment

the role of business in the econoMy
Markets and coMMerce

Module-16
Teacher

DEFInED

A

market is a social arrangement that allows buyers and sellers to discover information and complete voluntary exchanges of goods and services. commerce consists of trading something of economic value such as a good, service, information, or money between two entities. business is the management and coordination of people and resources to accomplish particular production goals, usually for the purpose of making profit. business, commerce, and markets create many benefits for consumers, and as a result of business, commerce, and markets in the economy, consumers experience an increased standard of living. businesses obtain resources such as labor and equipment, and businesses specialize in the production of particular goods and services. As a result of business in the economy, the variety, quality, and quantity of goods and services available to consumers increases, while the prices of goods and services decrease.
To understand the important role that business plays in the economy and its influence on your standard of living, imagine a world in which you personally had to produce everything you consume (see Module 3).
You would have to grow your own food, sew your own