Engage Economics - Porter

Engage Economics

WHMS 7th Grade SS

Mr. Porter​

Multiple Choice

What word/phrase is most associated with Economy?

• Money

• Leaders and Laws

• The Past

• Customs and Beliefs

How do you make it?

How do you sell it?

How do you buy it?

​What to Think About

The way goods and services are produced and distributed in a place.

Definition

Economy

Some text here about the topic of discussion

Multiple Select

Which of the following are actions consumers do in an economy? (Mark all that apply)

• Make

• Sell

• Buy

• Order

• Ship

Some text here about the topic of discussion

This creates jobs and incomes around the world

Everything we buy goes through many steps and people before we get it

1. Get the resources needed to make the cars.

Resources

2. Make the cars in a factory and ship it out to dealerships.

Manufacturing

3. Car dealership sells the car to consumers.

Sales

Reorder

Put the following in the order they occur when creating goods from 1st (left) to last (right)

• Acquiring Resources

• Manufacturing

• Sell to Consumer

1

2

3

• 1
• 2
• 3

​Industry

​A Business or Company

A Sector/Portion of the Economy​

Goods that are grown and consumed (think farming and ranching)

Agricultural​

​

Goods that are made in factories and are used by people (Electronics, cars, furniture, etc.)

Manufacturing

​Skilled labor people do in exchange for compensation (customer service, healthcare, cosmetology, etc.)

Service

Multiple Choice

Which type of industry involves skilled labor?

• Service

• Manufacturing

• Agricultural

• Entertainment

Open Ended

Why did the shop owner continue to lower the prices in the beginning of the video?

Open Ended

Why did he raise the prices in the second half of the video?

The amount of a good/service available

Supply

The desire of consumers to purchase that good/service

Demand

Any human-made object that is used to make other goods or perform services

 EX:  tools, brochures, money computers, machinery, etc.

​

​Capital

Multiple Choice

Which of the following is not an example of Capital?

• Employees

• Factories

• Delivery Trucks

• Machines

​

When Supply is higher than Demand

Surplus

​

​

When Demand is higher than Supply

Shortage

​