Economics Unit I

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Unit I Reviews:

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Unit Schedule

Date Due Pages Key Concepts
1/29
Bring book to class 		8-15
  • opportunity cost & trade offs and their use in decision making
  • the margin and thinking on the margin
  • the use of production possibilities in decision making
2/02

 23-27
  • the three key economic questions
  • the basic characteristics of traditional, command, market, and mixed economies
2/05
Bring book to class		 40-44
  • The rise of mixed economies and the role laissez faire
  • the cricular flow model
  • Major economic goals of the United States
2/09

 57-60
  • Tracking business cycles & promoting economic strength
  • the link between technology & productivity
2/11
Bring book to class		 67-70
  • The Problem of poverty
  • different types of redistribution programs and their various goals
2/12-2/15
 No School - President's Weekend
2/17

 310-316
  • Phases of a business cycle
  • key components of a business cycle
  • major business cycles in U.S. History
2/19
Bring book to class
 338-343
  • the concept of purchasing power
  • the different types of price indexes
  • the causes and effects of inflation
2/24
 Unit I Test
2/25
 Current Event #1 Articles are due

 

Possible Test Essay Questions
You will need to respond to one question from each group (2-3 paragraphs each)

Group A:
  • Discuss the various types of national economy. Why have market capitalism and democratic socialism emerged as the two most popular forms?
  • Discuss the causes of unemployment, inflation, and poverty.  What are some of the steps a society can take to combat these problems?

Group B:
  • Discuss each of the U.S.’ major economic goals  and explain how you would prioritize them.
  • Discuss the relationship that exists between the Government, Consumers, and Businesses. Give at least two examples of situations that would cause a change in this relationship.