CA Review

CA Review

Today we will be reviewing for your Common Assessment next week.

Open Ended

Explain how scarcity is shown in the passage below.

Criteria for Success:

· Identify how scarcity is shown

· Details/context about scarcity

· Casual link to the text that shows scarcity

Texas is in trouble! So many people have been buying takis that the state is running out of corn. Corn is the main ingredient in takis. Takis are sold at Walmart and are often bought by students at YES Prep.

Open Ended

Identify an example of each factor of production (natural resource, capital resource, human resource) from the excerpt below.

Ms. Lobo decides to open a restaurant. She hires two other people to be waiters. She decides to grow some of the food she cooks for her customers, so she has tomato, pepper, and other plants. She also buys a cow so they can have fresh milk. She uses many appliances, such as an oven, microwave, and refrigerator to make the food.

Multiple Choice

Who controls the demand for a good or service? Producers or consumers?

• Producers

• Consumers

Open Ended

Based on the chart explain whether North Korea or the United States, has a higher standard of living. Support your choice by providing two reasons.

Criteria For Success:

· Identify the country with the higher standard of living.

· Describe what standard of living means, or what a high standard of living means.

· Explain why the country you picked fits that category by providing two reasons.

Multiple Choice

Which is the best definition of a command economy?

• Government officials set prices, allocate resources, and determine what is produced.

• The government owns basic industries, transportation and utilities, while other parts of the economy are privately owned.

• Producers are free to produce and consumers are free to buy goods and services with little government rules.

• People trade with one another to get the things that they need and want.