SOL Squares: Unit 2: Industrialization and Urbanization



1 CE.11a Economic Vocabulary________________~ is the inability to satisfy all wants at the same time. All resources and goods are limited. This requires that choices be made.2____________________~are factors of production that are used in the production of goods and services. Types:1.2.3.4.3____________________~is selection of an item or action from a set of possible alternatives. Individuals must choose or make decisions about desired goods and services because these goods and services are limited.4______________________~is what is given up when a choice is made—i.e., the highest valued alternative is forgone. Individuals must consider the value of what is given up when making a choice.5_____________________~is the amount of money exchanged for a good or service. Interaction of supply and demand determines price. Price determines who acquires goods and services.6_____________________~are things that incite or motivate. Incentives are used to change economic behavior.7__________________~is the amount of a good or service that consumers are willing and able to buy at a certain price.8_____________________~is the amount of a good or service that producers are willing and able to sell at a certain price.~~~ Interaction of supply and demand determines ___________~~~9_____________________~is the combining of human, natural, capital, and entrepreneurship resources to make goods or provide services. Resources available and consumer preferences determine what is produced.10______________________~is the using of goods and services. Consumer preferences and price determine what is purchased and consumed.11 CE.11b-The Four Types of Economies:All economies answer the same three questions….1. _______ will be produced?2. ______ will produce it?3. For ______ will it be produced?Each economic type answers these questions __________12A ____________ Economy~Decisions made based upon __________ and _________~people perform the same work based upon what their _________ or _________ did.Ex: Males hunted, women kept the camp, children…13The ____ ______ Economy~_______ ownership of property and resources~people are driven by the _________ __________~__________ between producers/sellers means _______ prices and _______ 14quality and _____ of selection~________ sovereignty-the demands of the consumer determine what producers will make.~Individual ________ of what to buy and produce.~__________ govt. involvement in the economy15The ________ Economy~The United _______ and most economies are _______~_______ government control than Free Market but less than _________ economies16Individuals and businesses are owners and decision makers for the ______ _________Define Private Sector~17~ Government is owner and decision maker for the ________ _________Define Public Sector~18The _________ Economy~___________ ownership of all property and resources~________ planned economyWho is the “central planner” of a command economy?The ___________~Consumers have very little _________ in what they buy19 CE.11c-Characteristics of the United States EconomyThe United States economy is primarily a _______ market economy; but because there is some government involvement it is characterized as a _________economy.20Markets are generally allowed to operate without undue i___________ from the ____________. Prices are determined by _______ and ________as ________ and _________ interact in the marketplace.21__________ property: Individuals and businesses have the right to own real and personal property as well as the means of production without undue interference from the government.22__________: consists of earnings after all expenses have been paid.___________: Rivalry between __________ and/or between __________of a good or service usually results in _____ quality goods and services at lower _____.23_____________ sovereignty: ____________ determine through purchases what goods and services will be ___________.Therefore, what the consumer wants, the consumer ______!!!24 CE.11a-Vocab. Using the 10 vocabulary words from CE.11a, complete these statements.1. During World War Two, Browning stopped ________ of hunting rifles and began to produce automatic weapons for the military.252. Stores offer various _______ to lure buyers including Buy one get one free, military discounts and sales.3. The United States leads the world in ______ of fossil fuels. We use more of the world’s oil than anyone else!264. The great thing about living in a mixed or free market economy is the huge variety of _______ consumers have. Just look at Foot Locker of Dick’s Sporting Goods to see just the number of shoes we can choose from!275. To meet the huge demand around July 4th Dominion Ice increases its ______ of bagged ice to 7-11.6. Because of _______ of resources, we must make choices about what to produce and what to purchase.287. Good workers and a precious ________ for any business.8. When weighing between buying two things, we must think of the _______ ______ of what we don’t buy.299. Frank set his pizza slices _______ at $1.95. He knew he would sell many slices of pizza and demand would be high.10. The 70s disco craze has shot up ______ for bell bottoms and platform boots!30 CE.11b-Economy Types.Label T=Traditional, FM=Free Market, M=Mixed, C=Command_____ Native Americans of 1825._____Most government control._____ United States31_____minimum government involvement in the economy_____things are done based they way of our ancestors_____ Men hunt, women cook!_____ government provides services for the community such as sewers, roads etc…32_____You can buy a car if the government thinks you need one._____Profit motive, economy driven by consumer sovereignty _____North Korea might be the last…33From Most government involvement in the economy (top) to the least, list the four types.Most__________________A lot __________________Very Little _____________None__________________34 Supply, Demand, Price1. As demand increase, prices will _______2. As supply increases, prices normally ________.3. As demand decreases, price will also ________4. As price increases, demand will _______355. As prices decrease, demand will ________ and supply should _______ to meet the demand.6. During the summer, demand for electricity ______ because everyone is flipping on their AC.6. Demand for detention is __36 CE.11c-US EconomyAnswer these:Why is the consumer supreme in a mixed or free market economy?37Describe two benefits of competition between producers of products.38List three items of private property of yours.List one item “in the public sector” you can see right now.39Describe your last opportunity cost.40Why are humans considered a resource?What is an entrepreneur. ................
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