1
Name: ______________________ Class: _______ Date: _______
Satisfying Needs and Wants Organizer
Directions: Describe in your own words the listed items.
|Needs |Wants |
|Goods |Services |
|Natural |
| |
|Examples | |
|Human |
| |
|Examples | |
|Capital |
| |
|Examples | |
The Basic Economic Problem
Satisfying Needs and Wants Organizer Continued
Economic Decision-Making Process
What is the purpose of the decision-making process?
____________________________________________________________________________________________________________________________________________
What happens to choices in a tradeoff?
____________________________________________________________________________________________________________________________________________
What is opportunity cost?
____________________________________________________________________________________________________________________________________________
In column one, provide the six steps of the economic decision-making process. In column two, apply the steps and complete an economic decision such as purchasing new equipment, shopping for a gift, or paying for a trip.
Name: ______________________ Class: _______ Date: _______
Economic Resources Activity
Directions: Use the listed or other resources to classify how economic resources are used to satisfy needs and wants.
Some North Carolina Resources:
Bank of America Stadium
Christmas Trees
NC Legislators
Sweet potatoes
Brier Creek Apartments
Therapists
Table of Resources and Uses
|NC resource |Type of resource |Does this resource satisfy |How will this resource satisfy needs or wants for a |
| | |needs or wants |business? |
|Honey |Natural |Answers will vary. |Answers will vary. |
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| | |Wants |A business could sale 12 oz jars of honey at a |
| | | |roadside stand. |
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Name: ______________________ Class: _______ Date: _______
Economic Systems Organizer
Directions: Provide responses for the listed items.
What are the three economic questions that economic systems must answer?
1. ________________________________________________________________
2. ________________________________________________________________
3. ________________________________________________________________
Main Economic Systems
|Features |Command Economy |Market Economy |Traditional Economy |
|Who owns the resources? | | | |
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|Who answers the three economic | | | |
|questions? | | | |
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Name ____________________ Class __________ Date __________
Economic Systems Activity
TEACHER’S GUIDE
Summary:
Students will have an opportunity to participate in the main economic systems (command, market, and traditional). Each economic system is referred to as Told, Want, or Always Done Ville. Students will be able to compare the advantages and disadvantages of each system.
Materials:
• Six balls of light packing string
• Different colored wooden or plastic hobby beads (Varies with class size. See Instructor Cheat Sheet and situation section of each We Make As Much As We …. Ville System Profile)
• A ruler, scissors, and bowl/cup for beads for each group
• Copies of each system profiles-see Step 2
• Overhead of the scoreboard sheet or poster to present results
• Student copies of Economic Systems Debrief: Comparing the Villes
• Job labels sheet (one set per group)
Steps:
1. Have the room set up in six small groups, 4 or 5 students per group.
2. Each group should have a ball of string, bowl/cup for beads, scissors, a ruler, and six copies of one of the system profiles.
3. Each student in the group is given a job label. This may be changed during the activity if needed.
4. Walk students through the reading of the first “Ville” so that they understand the directions.
5. Play three ten-minute rounds. The profiles are rotated during the rounds. (The teacher should be aware of each set of directions so the scoring will be quick at the end of each round.)
6. Groups are to follow whatever directions are on their profiles. The teacher distributes beads at each round and acts as the quality control person.
7. After each round, post group scores on the scoreboard. The winning group is the one that has the most dollars per person after the third round.
8. After all rounds have been completed, review the Economic System Debrief Activity: Comparing the Villes** sheet is completed for each student and discussed as a group. Discuss with students which system they prefer and explain why. Examples of each type of system can be given at this time.
Scoreboard
|Team |Told Ville |Want Ville |Always Done Ville |
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|1 | | | |
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|2 | | | |
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|3 | | | |
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|4 | | | |
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|5 | | | |
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|6 | | | |
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Job Labels (Make one set per group)
|String Cutter |String Cutter |
|Bead Sorter |Bead Sorter |
|Bead Stringer |Bead Stringer |
|Knot Tier |Knot Tier |
|Knot Trimmer |Knot Trimmer |
Instructor Cheat Sheet
|Price List |Told Ville |Want Ville |Always Done Ville |
| | |1 black | |
| | |1 red | |
|Ring $2 | |1 blue | |
| | |1 pink | |
| |2 black |2 black | |
| |2 red |2 red |3 red |
|Bracelet $5 |2 blue |2 blue |2 black |
| |2 yellow |2 green |3 blue |
| |3 black |3 black | |
| |3 blue |3 blue | |
|Necklace $10 |2 red |2 red | |
| |2 green |2 yellow | |
| |5 bracelets |Make whatever they choose |1 bracelet |
| |Any number necklaces |Whatever method |Say it is beautiful by all |
|Reminders |$10/person; rest to government | |Wait 5 minutes to start again |
| |Specialization | |No specialization |
Note: Keep in mind that economies have limited resources. It is not important to just have the colors mentioned on the list. Teaching the ideas of scarcity is also part of this activity.
We Make As Much As We Are Told Ville System Profile
Values: The government runs a very strict and strong central leadership group. You are highly organized and the people of your group are assigned specific tasks by the leader. Your country strives for efficient use of time and resources, which will increase economic growth and hopefully raise the standard of living. It is up to the central leaders to determine what is needed and how the resources are used.
Goals: To produce what the central leadership finds necessary for your society. Also, there must be an efficient use of time and resources so increased production and growth will occur.
Situation: With your limited resources of string, bead, ruler, and scissors you can create rings, necklaces, or bracelets. Your group will receive amounts per item:
$2 Rings
$5 Bracelets
$10 Necklaces
You must immediately make 5 bracelets as your country is in desperate need of them, and then the central planners want necklaces to be produced by your group.
Production
Process: The central planners emphasize specialization. The person sitting closest to the front of the room will be the string cutter, then going clockwise around the group, the next person is the bead sorter, the bead stringer, knot tier, and knot trimmer.
Bracelet – 12” piece of string with 8 beads in this sequence
• 2 black
• 2 red
• 2 blue
• 2 yellow
Necklace – 20” piece of string with 10 beads in this sequence
• 3 black
• 3 blue
• 2 red
• 2 green
After the beads are on the string it should be tied in a knot and the knot should be neatly trimmed. The finished product is then handed to the quality control person (teacher) who marks down the dollar amount. Your group will receive $10 per person if the required quota is filled. After that, the dollars earned by your production will go to the central planner and will not be added to your total dollar amount.
We Make As Much As We Are Want Ville System Profile
Values: Your country and economic system reflect values which centers on individualism and freedoms. It allows each person to make herself/himself more prosperous than other people. Your country produces whatever brings the highest price and produces it with the method that costs the least. Individual rewards and material incentives are used to encourage and stimulate continuous economic growth and production.
Goals: To produce whatever your group decides will be most beneficial for it. You will also want to organize yourselves so you can make the most efficient use of time and resources. Maximized profit is the key.
Situation: With your limited resources of string, bead, ruler, and scissors you can create rings, necklaces, or bracelets. Your group will receive the amounts per item: $2 Rings
$5 Bracelets
$10 Necklaces
Your group produces whatever it wants.
Production
Process: It is up to you to organize your group and choose jobs in whatever fashion you want. You should have a string cutter, bead sorter, bead stringer, and knot tier.
Ring – 6” piece of string with 4 beads in this sequence:
• 1 black
• 1 red
• 1 blue
• 1 pink
Bracelet – 12” piece of string with 8 beads in this sequence:
• 2 black
• 2 red
• 2 blue
• 2 green
Necklace – 20” piece of string with 10 beads in this sequence:
• 3 black
• 3 blue
• 2 red
• 2 yellow
After the beads are on the string it should be tied in a knot. You may trim the knot neatly if you want. After the tying is done the finished product must be handed to the quality control person (teacher). Your group will be paid in full for as many of the items as you can produce within the time limit.
We Make As Much As We Always Done Ville System Profile
Values: Your group is really concerned with the way things were done in the past. Positions of authority, jobs, etc. are handed down according to tradition. You value the past and see no need for concern about increase economic growth in the future. Basically everything in your society is determined by beliefs and customs.
Goals: To produce what your ancestors did and in the same way that they did. Following tradition is your basic underlying goal.
Situation: With your limited resources of string, bead, ruler, and scissors you can create rings, necklaces, or bracelets. Your group will receive the amounts per item: $2 Rings
$5 Bracelets
$10 Necklaces
Production
Process: Each person must make the entire bracelet with no specialization of tasks. The person that is the oldest in your group will use the string, ruler, and scissors first and then pass it clockwise around the table.
Bracelet – 12” piece of string with 8 beads in this sequence:
• 3 red
• 2 black
• 3 blue
After the beads are on the string it should be tied in a knot to finish the bracelet. The knot should be neatly trimmed off, as done by past generations. After each bracelet is finished it must be passed around the group clockwise and each member must tell the maker how beautiful it is. (This is an old tradition of your country.) The maker then hands it to the quality control person (teacher) who records the $5 if all procedures are followed correctly. According to tradition, each person can only make 1 bracelet every 5 minutes before starting a second one. So, after you complete your first one, relax for 5 minutes before starting the second one.
Name ____________________ Class __________ Date __________
Economic Systems Debrief: Comparing the Villes
| |Told Ville |Want Ville |Always Done Ville |
|Is progress important to |Highly stressed |Highly stressed |Highly stressed |
|this economy? | | | |
| |To some degree |To some degree |To some degree |
| | | | |
| |Not at all |Not at all |Not at all |
|Who chooses your job? |Individual preference |Individual preference |Individual preference |
| | | | |
| |Government directed |Government directed |Government directed |
| | | | |
| |Custom directed |Custom directed |Custom directed |
|What motivates you to |Traditional incentives |Traditional incentives |Traditional incentives |
|produce? | | | |
| |High self-gain |High self-gain |High self-gain |
| | | | |
| |Limited social gain |Limited social gain |Limited social gain |
|How is the product |Least cost method |Least cost method |Least cost method |
|produced? | | | |
| |High cost method |High cost method |High cost method |
| | | | |
| |Traditional ways |Traditional ways |Traditional ways |
|How is it decided to |Government decides |Government decides |Government decides |
|produce? | | | |
| |Most profitable |Most profitable |Most profitable |
| | | | |
| |Traditionally produced |Traditionally produced |Traditionally produced |
|For whom is the product |Those Declared in Need |Those Declared in Need |Those Declared in Need |
|produced? | | | |
| |Distributed by Custom |Distributed by Custom |Distributed by Custom |
| | | | |
| |Highest Bidder |Highest Bidder |Highest Bidder |
|What base values does this |Cooperation |Cooperation |Cooperation |
|economy have? | | | |
| |Competition |Competition |Competition |
| | | | |
| |Custom |Custom |Custom |
|Type of Economy | | | |
Name: ______________________ Class: _______ Date: _______
Market Economy Organizer
Directions: Provide responses for the listed items.
|Summarize The U.S. Economic System |
| |
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|Describe each of the principles of The U.S. Economic System. |
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|Market Economy |
|What are the roles | |
|of |Consumers |
| | |
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|in a market | |
|economy? | |
| | |
| |Producers |
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|Self-Regulating Principles of a Market Economy |
|How does demand impact businesses? |How does supply impact businesses? |
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|Examples: |Examples: |
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Name ____________________ Class __________ Date __________
What is the Market Price? Activity
Directions: Use the figures provided to graph the demand, supply, and market price. Determine the market price and explain the relationship between the demand and supply of the products.
1. Johnson’s Jacket Depot
Demand table
|Quantity |Price |
|1000 |$24 |
|1550 |$22 |
|2000 |$20 |
|2500 |$18 |
Demand graph
Supply graph
Supply table
|Quantity |Price |
|1000 |$18 |
|1550 |$22 |
|2000 |$24 |
|2500 |$26 |
Use the demand and supply lines above to determine how much the jackets will cost. Graph the market price for the jackets by using the graph below.
Market price graph
What is the Market Price? Activity continued
Directions: Use the figures provided to graph the demand, supply, and market price. Determine the market price and explain the relationship between the demand and supply of the products.
2. Software House
Price per game Games demanded
$15 15
$13 30
$11 45
$9 60
Software House
Price per game Games supplied
$13 15
$15 35
$17 45
$19 60
3. Burn’s Baby Dolls
Price per doll Dolls demanded
$40 10
$30 20
$20 30
$10 40
Burn’s Baby Dolls
Price per doll Dolls supplied
$20 10
$25 20
$30 35
$45 40
What is the Market Price? Activity KEY
Directions: Use the figures provided to graph the demand, supply and market price. Determine the market price and explain the relationship between the demand and supply of the products.
1. Market price graph
2500 * *
2000 * *
1500 *
1000 * *
$18 $20 $22 $24 $26
Market price: $22
Customers are willing to buy 1500 jackets and the business is willing to supply the jackets at $22 each.
2. Market price graph
60 * *
45 * *
*
30 *
15 * *
$9 $11 $13 $15 $17 $19
Market price: $14.00
Customers are willing to buy 25 games and the business is willing to supply the games at $14.00 each.
3. Market price graph
40 * *
*
30 *
20 * *
10 * *
$10 $20 $30 $40 $45
Market price: $29.00-$29.50
Customers are willing to buy 25 games and the business is willing to supply the games at $29.00-$29.50 each.
Name ____________________ Class __________ Date __________
Economic Choices and Systems Key Terms Crossword Puzzle
Directions: Complete the crossword puzzle.
[pic]
Economic Choices and Systems Key Terms Crossword Puzzle
Across
1. Combines elements of the command and market economies
3. The initiative to combine natural, human, and capital resources
5. Value of the next-best alternative that is forgone to produce or obtain another product
8. Businesses that offer the same goods to the same customers
11. Individuals and organizations that determine which goods and services will be available for consumption
16. Process of choosing which needs or wants will be satisfied
20. Means from which goods and services are produced
22. Right to purchase, use, and discard of things of value
23. Activities that can be consumed at the time of purchase to satisfy needs and wants
24. Condition that exists when wants or needs exceed resources available
25. Study of the decisions made for production, distribution, and consumption of goods and services to satisfy needs and wants
26. Necessities required for living
27. Buys and uses the goods and services
Down
2. Goods and money used in the production of goods and services
4. Raw materials supplied by nature
6. People using efforts, knowledge, and skills at work to produce goods and services
7. Economic system which freedom to consume and produce goods and services exists
9. Economic system in which decisions are based on customs and centered on family
10. Items that can be purchased to satisfy needs and wants
12. Money left after selling goods and services and costs of operating a business have been paid
13. Goods that are purchased to add comfort or pleasure to life
14. Anywhere goods and services exchange hands
15. Process of giving up something for gaining something else
17. Goods and services are owned and controlled by the people
18. Opportunity to make choices of goods and services and accept consequences of decisions
19. Economics system in which the government owns resources and dictates what is produced
21. The point where supply and demand are equal
Capital resources
Command economy
Competitors
Consumer
Economics
Economic decision-making
Economic resources
Entrepreneurial resources
Free enterprise
Freedom of choice
Goods
Human resources
Market economy
Market price
Marketplace
Mixed economy
Natural resources
Needs
Opportunity cost
Private property
Producers
Profit
Scarcity
Services
Tradeoff
Traditional economy
Wants
ASSESSMENT PROTOTYPES
Note: These assessment prototypes are examples of the types of items included in the item bank. All items are comparable to the cognitive process of the understand verb. Questions require students to demonstrate that they understand the content. Assessment prototypes will not be used on the secured test, but questions in similar formats will be used.
Revlon, Inc. purchased new machines that will automatically squeeze the appropriate amount of shampoo into different size bottles. What type of economic resources are the machines?
A. Capital
B. Human
C. Natural
D. Service
Tanya closed her restaurant, and now needs another way to earn an income. Realizing this need is what part of economic decision-making process?
A. Defining the problem
B. Identifying choices
C. Evaluating the advantages and disadvantages of each choice
D. Choosing one choice
Eddie’s Bakery makes cakes as well as other baked goods. Which economic question does this address?
A. What to produce?
B. How to produce?
C. For whom to produce?
D. When to produce?
An EXAMPLE of a value for a traditional economy is:
A. a central leadership group expecting all the profit from production.
B. a local company choosing to produce gaming software.
C. a local company upgrading procedures regularly to increase production.
D. an individual performing the same jobs as his parents due to his beliefs.
Which is an EXAMPLE of consumers establishing demand?
A. Customers waiting in line to purchase new popular boots.
B. Customers waiting in line to return recalled equipment.
C. Reebok footwear company trying to lease a warehouse.
D. Sears Department Store displaying fewer large lawn mowers.
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Economic resources
What is the relationship between scarcity and the basic economic problem?
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