Economics- Unit 3 Review

Economics- Unit 3

Today we will be reviewing Unit 3 content for your Common Assessment.

Multiple Choice

An item that is bought and sold

• consumer

• producer

• goods

• services

Multiple Choice

A person/business that sells a good or service

• scarcity

• consumer

• producer

• goods

Multiple Choice

A person/business that buys a good or service

• producer

• consumer

• import

• tariff

Multiple Choice

An action that a person does for another person

• service

• goods

• scarcity

• producer

Multiple Select

Which of the following is considered a natural resource (Check all the apply)?

• trees

• water

• oil

• boats

• cars

Multiple Select

Which of the following is considered a capital resource (Check all that apply)?

• hammer

• pliers

• windmill

• construction worker

• natural oil

Multiple Choice

People whose labor (work) create goods or services

• human resource

• natural resource

• capital resource

Open Ended

Use a complete sentence to answer the following question.

America buys toys from China. Is America importing or exporting? How do you know?

Open Ended

Use a complete sentence to answer the following question.

America sells wheat to Mexico. Is America importing or exporting? How do you know?

Open Ended

Use a complete sentence to answer the following question.

If a country has a SURPLUS (too much of a good or service), will they most likely would import or export? Why?

Open Ended

Use a complete sentence to answer the following question.

If there is a SCARCITY of a good or service, will the country would most likely import or export? Why?

Open Ended

Use the photo to answer the following question.

1.Identify the equilibrium price of the tablet.

2. Identify a price at which

Samsung will have a shortage.

3. Identify

a price at which Samsung will have a surplus.

Open Ended

“The average person in the United States lives to be 79.”

Identify the indicator.

Open Ended

“In Angola, 61% of women can read and write.”

Identify the indicator.

Open Ended

“In Argentina, the average citizens earns $12,000 each year.”

Identify the indicator.

Open Ended

Use a complete sentence to answer the following question.

Describe what life is like in a command economy.

Multiple Choice

When Andrea is in high school, the government tells her that she must be a teacher.

Market Economy or Command Economy?

• Market Economy

• Command Economy

Multiple Choice

Producers and consumers decide which goods will be bought and sold.

Market Economy or Command Economy?

• Market Economy

• Command Economy