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Mr. John Davis

World History

SOUTH ROWAN HIGH SCHOOL

CHINA GROVE, NC 28023

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Chapters 18 and 19....Economic Decisions & The American Economy

Days 5
Objectives:  7.01 Describe the basic factors of production and their impact on economic actitivies.
    7.02 Explain how scarcity influences producers and consumers to make choices.
    7.03 Compare examples of tradeoffs and opportunity cost of economic decisions.
    7.04 Analyze the impact on economic activities of specialization, division of labor, consumption, and production increases.
    7.05 Explain the impact of investment on human, capital, productive, and natural resources.
    7.06 Compare and contrast how different economic systems address key economic factors.
    8.02 Describe how the free enterprise system encourages private ownership of property and promote   individual initiative.
    8.03 Evaluate the investiment decisions made by individuals, businesses, and the government.


Terms:  economics, needs, wants, scarcity, economic model, tradeoff opportunity cost, marginal cost, marginal benefit, cost benefit analysis, market economy, capitalism, incentive, rational choice, goods, services, factors of production, natural resources, labor, capital, entrepreneur, GDP, standard of living, factor market, product market, specialization of labor, division of labor, economic interdependence,   capitalism, free enterprize, consumer sovereignty, private property rights, competition, profit motive, profit, voluntary exchange

Concepts:  Chapter 18
1. Discuss how citizens make economic choices.
2. Contrast economic needs and wants.
3. Explain how scarcity influences economic decisions.
4. List and discuss the 3 basic economic questions.
5. Compare examples of trade-offs & opportunity cost.
6. Explain measures of cost:  fixed, variable, total,
     marginal.
7. Explain a  cost-benefit analysis graph.
8. Discuss ways to be a good economic citizen.
9. Explain the role of the US government in our economy.

Chapter 19
1. ID the factors of production
2. Explain how GDP is measured.
3. Draw the circular flow of economic activity and           explain the role in each sector.
4. Explain how productivity is affectd by specialization, division of labor, and human capital.
5. Discuss ways economic interdependence is us can affect the economy.
6. Name the major features of free enterprise system.
7. Describe the free eneterprise system.
8. Discuss Adam Smith's view of capitalism.
9. Discuss private and federal help available to consumers.
10. Explain the consumers Bill of Rights.
11. Discuss factors that consumers consider when making decisions about spending or saving money.

8. Discuss the role of the US gov't in our economy.

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