Guided Reading netw rks

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DATE

CLASS

Guided Reading

netw rks

Studying Geography, Economics, and Citizenship

Lesson 2 Exploring Economics

ESSENTIAL QUESTION

Why do people trade?

What Is Economics?

Identifying Fillineachovalwiththenameofoneofthe

basicresourcesanditsdefinition.

1.

2.

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Key Resources for Making Goods and Offering Services

3.

4.

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DATE

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Guided Reading Cont.

netw rks

Studying Geography, Economics, and Citizenship

5. Describing Give one example of each type of resource.

6. Drawing Conclusions How do supply and demand work together to affect prices?

7. Making Connections How does scarcity affect supply and demand?

8. Explaning Describe opportunity cost using your own words.

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NAME

DATE

CLASS

Guided Reading Cont.

netw rks

Studying Geography, Economics, and Citizenship

Managing and Measuring Economies

Summarizing Write the four major economic systems and

their descriptions in the chart below.

Type of Economic System

Traditional Economy 9.

Description

Command Economy 10.

Market Economy

11.

Mixed economy

12.

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13. Contrasting Who describes what to make in a command economy? Who decides in a market economy?

14. Drawing Conclusions Why do governments want to keep their economies growing?

NAME

DATE

CLASS

Guided Reading Cont.

netw rks

Studying Geography, Economics, and Citizenship

Trade in World History

Listing Intheleftcolumn,listthereasonswhyacountry

wouldtradeandintherightcolumn,listthereasonswhyit mightnottrade.Includereasonsforandagainstglobalization andfreetrade.

15. ReasonstoTrade

16. ReasonsNottoTrade

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Balancing Options 17. Contrasting Whatarethebenefitsanddrawbacksoffree

trade?

18. Analyzing Howdoesthepriceofgoodsaffectdecisions totradeornottrade?

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