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Objective 1.01 Handouts

Objective 1.01 Handouts

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Name: ______________________

Class: _______

Date: _______

Satisfying Needs and Wants Organizer Directions: Describe in your own words the listed items. Needs Wants

Goods

Services

Economic resources Natural Examples Human Examples Capital Examples The Basic Economic Problem What is the relationship between scarcity and the basic economic problem?

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Summer 2010

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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.

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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 Who owns the resources? Market Economy Traditional Economy

Who answers the three economic questions?

Summarize The U.S. Economic System

Describe each of the principles of The U.S. Economic System.

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Summer 2010

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Name: ______________________

Class: _______

Date: _______

Supply and Demand Organizer Directions: Provide responses for the listed items. Market Economy What are the roles of Consumers

in a Producers market economy? How does demand impact businesses?

How does supply impact businesses?

Examples:

Examples:

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Summer 2010

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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. Demand table Quantity 1000 1550 2000 2500 Price $24 $22 $20 $18 Demand graph

Supply graph Supply table Quantity 1000 1550 2000 2500 Price $18 $22 $24 $26

Market price graph

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Summer 2010

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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 $9 $11 $13 $15 Software House Price per game $19 $17 $15 $13 3. Burn’s Baby Dolls Price per doll $10 $20 $30 $40 Games demanded 15 30 45 60 Games supplied 15 35 45 60 Dolls demanded 10 20 30 40

Burn’s Baby Dolls Price per doll $45 $30 $25 $20

Dolls supplied 10 20 35 40

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Summer 2010

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Name ____________________ Class __________ Date __________ Economic Choices and Systems Key Terms Crossword Puzzle Directions: Complete the crossword puzzle.

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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

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