Neumann's World



Economics Additional PracticeStandard 1: 3 Types of Economies Additional PracticeDirections: Match the description with the type of economic system it is referring to.A= TraditionalB=Command C= MarketAlso called a Communist System. The government makes all decisions.Things are done as they were in the past. Money is rarely exchanged.Consumers decide the answers to the basic economic questions.4. Which is NOT one of the 3 basic economic questions that society must answer to form their economic system?What to produce?c. How much to charge?For whom to produce?d. How to produce?Economic Terms ReviewDirections: Fill in the blanks below with vocabulary words from throughout our economic unit. When ________________________________ increases, price increase.When _______________________________ increases, price decreases.A Super Bowl _______________________ can cost millions, but is worth every penny since billions of people are tuned in to watch.I choose to wear my pink shirt to school today instead of my blue one. My blue shirt is my ________________________________ because it’s the option I gave up.Selena traded her sandwich for a hot dog. This is an example of __________________________________.The following items represent one of the three types of resources.oil____________________ resourceoven____________________ resourcefactory worker____________________ resource Good or service?Ice Cream Cone __________________Hair cut__________________ When a country brings in goods from another country, it’s a/an ________________.If a country sends out goods to another place it’s a/an ___________________.A/An ___________________ is a system for producing, distributing, and consuming goods and services. Mr. Birkus grows the corn, he is the ___________________. Toby Cintas eats the corn, he is the ________________________.Economics Vocabulary Word Bankeconomyproduceradvertisementbarteropportunity costsupplygood exporthuman resource (labor)natural resourcesupplycapital resource (tool)consumerdemandserviceimportSupply and Demand ScenariosRead the following scenarios and determine what happens to the supply and demand of each product.Bobby just bought a new iPhone X. He loves it and he now wants to get rid of his old iPhone 6s cases. He is trying to sell them for $40 a case. But since the new phones have come out, he is having a hard time selling his cases for that much. Supply of iPhone 6s casesGoes upGoes downStays the sameDemand for iPhone 6s casesGoes upGoes downStays the samePrice of iPhone 6s casesGoes upGoes downStays the sameBecause of Hurricane Florence, there is a lot of flooding in South Carolina. With all of the flooding, their fields have been washed out and their crop of cotton has diminished. What do you think will happen to the supply OR demand, AND the price of cotton? ________________________________________________________________________________________________________________________________________________________________________________________________________________Sorting Resources Extra PracticeStandard: I can diagram the materials, labor, and capital needed to create a good.Directions: Read the article below, pulling out at least three examples for each type of resource. Some historians have said that the pretzel is the oldest snack food ever developed. It is believed that the pretzel was first developed during 610 A.D. by a monk in southern France or northern Italy. The following steps outline the procedure used to make typical hard pretzels. The pretzel dough is made when flour and warm water are mixed together. The yeast is added and the three ingredients are blended. Ingredients such as sugar, sodium bicarbonate, vegetable shortening, salt and flavorings are added. The dough is then allowed to rise for about 30 minutes. The dough is then rolled out and twisted into that familiar pretzel shape. The raw pretzels are put on a wire mesh belt and move to an alkaline bath of about 200° F (93.3° C). The pretzels are dipped in the bath for 10-20 seconds and typically float when they are finished. After the pretzels leave the hot bath, they are salted. The salt is evenly distributed on each pretzel. Finally the pretzels are baked in tunnel ovens. The cooking temperature varies from 350-550° F (176.7-286.1° C) and this step takes from about 4-8 minutes. From the ovens, the pretzels are allowed to cool. They are then packaged. Pretzels are weighed and the correct amount is placed in the packaging. They can be put in many different types of packages including trays, boxes or bags with cellophane or polyethylene protected coatings. Packages are then distributed all over the world. There is rarely a person who has never seen or heard about pretzels! Natural ResourceCapital ResourcesLabor (human) ResourcesImports, Exports, Interdependence & Trade AgreementsCountry ATropical climate that supports the growth of many rare plant species used to create medicines. Country BPolar climate that supports little life on any kind. Country CTropical climate that supports the growing of fruits and vegetables. Country DTundra-like climate where trees and fresh water are abundant. Country ETemperate climate that supports the growth of ONLY apples, cherries, and wheat. Directions: Read the descriptions for all of the countries above. Which 3 countries would benefit MOST from a trade agreement? Explain following your choice at least 2 reasons why you picked these countries and what each might export or import. ________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________Technology & Communication affecting the workplace & economyAt a time of slow growth and continued troubles, many countries are looking for policies that will stimulate their economy and create new jobs. Information communications technology (ICT) is not only one of the fastest growing industries – directly creating millions of jobs – but it is also an important supporter of innovation and development. With 40% of people in the world already online, the competitiveness of economies depends on their ability to leverage new technologies. Here are the five common economic effects of ICT.1. Direct job creation: The ICT sector is one of the largest employers. In the US alone, computer and information technology jobs are expected to grow, creating 758,800 new?jobs. In Australia, building and running the new super-fast National Broadband Network will support 25,000 jobs yearly. Naturally, the growth in different areas is uneven. ?2. Contribution to GDP growth: Findings from various countries confirm the positive effect of ICT on growth. Most of this effect is driven by e-commerce (online shopping), or people advertising and selling goods online. ?3. Emergence of new services and industries: Numerous public services have become available online and through mobile phones. ICT has enabled the emergence of a completely new sector: the app industry. Research shows that Facebook apps alone created over 182,000 jobs in 2011, and that the aggregate value of the Facebook app economy exceeds $$12 billion. ?4. Workforce transformation: New “microwork” platforms, developed by companies like oDesk, Amazon and Samasource, help to divide tasks into small components that can then be outsourced to contract workers. Microwork platforms allow entrepreneurs to significantly cut costs and get access to qualified workers. In 2012, oDesk alone had over 3 million registered contractors who performed 1.5 million tasks. ?5. Business innovation: The Internet provides businesses with new ways of reaching out to customers and competing for market share. Over the past few years, social media has established itself as a powerful marketing tool. The unprecedented explosion of connected devices throughout the world has created new ways for businesses to serve their customers. Underline or highlight 3 statements within this article that support the argument: “Information communications technology (or ICT) directly creates millions of jobs.”Incentives PracticeDirections: Examine the following chart about the incentives credit cards offer to try and get people to choose their credit card over another. Then answer the following argument question.Card ACard BCard CAnnual or yearly fee$180$0$0Interest Rate (How much money is charged on top of what you spend each month?)19%20%32%Credit Limit$5,000$2,500$6,000DesignPlain or MSUPlain or U of MPlain ONLYRewardsAirline pointsCash backPoints toward a future car purchaseAfter reading the three credit card options, decide which credit card has the most appealing incentives. In your answer, offer at least 2 pieces of specific evidence from the chart above as to why a certain credit card would have better or worse incentives than another. Focus on the INCENTIVES; do not just describe the card. ______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ ................
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