$$$Economy Study Guide$$$
For the past couple
of weeks we have been learning about Economics. The only resources we have been
using are the green Economy packet and our academic notebooks. On Thursday,
April 13th we will be taking the final assessment for this unit. Please visit the
Quizlet link
to study the lesson vocabulary. I will be available during AE the week prior to
the assessment to answer any questions.
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).
7. I understand and
can give specific features of the different types of economies in the world
today. This includes traditional, command and market economies. (packet pages
295-296)
