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Download Standards of Learning: Big Business
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Unit 7: Principles of Economics Unit Study Guide Questions CE.11 The student will demonstrate knowledge of the structure and operation of the United States economy. SOL 11a Question: How do people deal with scarcity, resources, choice, opportunity cost, price, incentives, supply and demand, production, and consumption? Come up with an example using a Lemonade Stand as a model (EX: Scarcity – limited money to buy supplies) Scarcity Resources Choice Opportunity cost Price Incentives Supply and demand Production Consumption SOL 11b Question: What are the basic characteristics of free market, command, and mixed economies? Can any country rely exclusively onmarkets to deal with the economic problem of scarcity? (yes or no) __________ What are the three basic economic questions? 1)______________________ _____________ 2) _______________________________ 3)__________________________ SOL 11b Question: What are the basic characteristics of free market, command, and mixed economies? Matching: F= Free Market C= Command Market M= Mixed Market ______Government as decision maker for the public sector ______ Economic decisions based on custom and history. ______Competition ______Centrally-planned economy ______A greater government role than in a free market economy ______Lack of consumer choice ______Private ownership of property/resources ______Profit ______Most common economic system today ______Consumer sovereignty ______ People often perform the same type of work as their parents and grandparents. ______Individual choice ______Central ownership of property/resources ______Individuals and businesses as decision makers for the private sector T=Traditional SOL 11c Question: What are the essential characteristics of the United States economy? - In the United States private individuals, businesses, and government share economic decision making. Characteristics of the United States economy – Write the characteristic on in the top row and draw an example of each. 1. 2. 3. 4. 5. Unit 7: Principles of Economics Unit Study Guide CE.12 The student will demonstrate how economic decisions are made in the marketplace. SOL 12a Question: What are the basic types of profit-seeking business structures? What is an entrepreneur? Define Entrepreneur:________________________________________________________________________________ Basic types of business ownership – Create a symbol or sign to represent each Proprietorship Partnership Corporation SOL 12b Question: How do resources, goods and services, and money flow among individuals, businesses, governments, and private financial institutions in a market economy? Economic flow Draw a cicular flow model (see notes page) of orange juice. Make sure to label the arrows with money, goods, or resources. SOL 12c Question: How do financial institutions encourage saving and investing? Characteristics of private financial institutions What are three examples of Private Financial Institutions? What do Private Financial Institutions do? How do Private Financial Institutions encourage people to save and invest money? Receive ________________ and make ______________ SOL 12d Question: Why do Virginia and the United States trade with other nations? What is the impact of technological innovation on world trade? Global Economy—Worldwide markets in which the buying and selling of goods and services by all nations takes place. Reasons that states and nations trade Impact of technological innovations __________________________________________________ Technology contributed to the global flow of information by _______________________________________________ __________________________________________________ Technology contributed to the global flow of capital ($) by _______________________________________________ __________________________________________________ __________________________________________________ Virginia and the United States specialize in the production of certain goods and services which promotes… ___________________ and _____________________ Technology contributed to the global flow of goods and services by _______________________________________________ Technology lowers the cost of production by _______________________________________________
