6.1-6.3 Quiz Review

6.1-6.3 Quiz Review

Are you ready for Thursday???

Natural resources are valuable but no country has them all...

• Think about the resources we do have in Michigan...

• Now think about the resources we don't have in Michigan...

Multiple Choice

Our connectedness and interdependence of many different economic systems and trade of capital, labor, and resources around the world is known as...

• Command Economy

• Market Economy

• Economic Globalization

• Circular Flow

Open Ended

How does economic globalization impact your life every day?

List 4 ideas (separate them with punctuation--don't click enter until you are ready to submit).

Economic Globalization impacts your life every day through...

• Your clothes

• Your food

• Your technology/devices

• Your parent's jobs (if business is not just located in MI)

• How you travel (cars, airplanes, trains, boats)

• The media you consume (tv, movies, music)

Because of economic globalization...

what happens around the world could affect you, too.

Open Ended

Think about the Aral Sea. Because of the economic benefits of growing more crops, the irrigation system caused the sea to start shrinking.

How did the drying up of the Aral Sea affect more than just the sea itself? List 3 ideas (separate them with punctuation--don't click enter until you are ready to submit).

The shrinking of the Aral Sea affected more than just the sea itself...

• Fisheries collapsed.

• Nearby communities that depended on the fisheries also collapsed.

• It caused public health hazards from salty dust in the air.

• Salty dust flew into farmer's fields/soil.

Multiple Choice

Kazakhstan and Uzbekistan both shared interdependence in their economies due to the Aral Sea. This is an example of...

• Circular Flow

• Economic Globalization

• Monopoly

• Regulation

Now let's review the different types of economic systems.

Open Ended

Describe what a pure command economy would be like.

Open Ended

What would a pure market economy be like?

Incentives give people a reason to want to do something, like a bribe or reward.

• For example, Mr. + Mrs. Smith switched to solar energy last summer after they learned that the govt. would give them extra money on their tax return for purchasing solar panels.

Open Ended

Imagine that the government offers an incentive to factories that use renewable energy instead of nonrenewable energy. What are 2 impacts that this might have on factories around the country?

If the government offered an incentive to factories that use renewable energy...

• Many factories would switch to renewable energy

• Renewable factories could use this incentive to expand their business

• Renewable factories could lower prices for customers, creating more competition

• To keep up with competition, nonrenewable factories might need to lower prices more than they can actually afford to

• Nonrenewable factories might lose business or have to close

Open Ended

If the government offers an incentive to factories that use renewable energy instead of nonrenewable energy, how might this impact consumers?

If the government offered an incentive to factories that use renewable energy...

• Prices might drop, making good more affordable for consumers

• Consumers might favor businesses that are environmentally responsible instead of nonrenewable businesses

Multiple Choice

The govt. making laws that factories could only use renewable energy would be an example of...

• Market Economy

• Economic Globalization

• Regulation

• Monopoly

Now let's think about how our economy grows and how countries become more "developed."

Multiple Choice

GDP (Gross Domestic Product) measures...

• The total amount of goods/services produced yearly by a country

• How happy the people of a country are

• How much education the people in a country receive

GDP can help us understand a country's economy, but it doesn't really tell us how developed a country is. Instead...

HDI (Human Development Index) takes into account both the economy and people's every day lives by measuring...

• Level of education in a country

• The average life expectancy in a country

• The average income in a country

Many different things can cause economic growth.

Open Ended

Describe 2 ways that computers have led to economic growth. (Separate them with punctuation--don't click enter until you are ready to submit.)

Open Ended

Describe 2 ways that telephones have led to economic growth. (Separate them with punctuation--don't click enter until you are ready to submit.)

Open Ended

What difference does technology make to the economies of developed countries compared to undeveloped countries?

Multiple Choice

Undeveloped countries lacking in ______________ don't have the basic equipment, structures, and systems needed for a society or community to run.

• Infrastructure

• Export

• Import

• Balance of Trade

Now try going through this lesson again to see if you do better.

If there is anything you need to add/change on your study guide, be sure to make those changes.