Economy Final Test Study Guide

For three weeks we have been learning about Economics. The only resources we have been using are the green Economy packet and our academic notebooks. On Monday, May 4th we will be taking the final assessment for this unit. Please visit the Quizlet link to study the lesson vocabulary. I will be available before or after school- (let me know before you come) prior to the assessment to answer any questions and check your responses from the study guide. Please come prepared with questions completed to make your time meaningful!

1. In my own words, I can explain the Law of Supply and the Law of Demand and determine why competition can play a role in the pricing of an item. (Review pages in packet on hamburger prices  - pages 317 -322 and also the Chicken Farm activities -  page 5 and 7)

2. I can determine at least three factors or reasons why countries specialize in certain goods or services and give an example in the world today for each one. (packet pages 297-300)

3. I can explain why global trade occurs and provide an example of it happening in our world today. (packet pages 297-300 and 216)

4. Given the item of a Chipotle burrito I can explain the productive resources needed to make this good. Include the natural resources, human resources, capital goods and entrepreneur. (packet pages 283-279 and example in academic notebook)

5. I can define and give examples of each allocation of resources (academic notebook definitions and sample cards in packet)

6. I can analyze charts and maps to answer questions about economics ("Can You Think Like an Economist" Activity and packet pages 216, 317 or 318).

CIA World Fact Book

 Use the following to connect to the CIA World Fact Book Site

https://www.cia.gov/.../the-world-factb