CARDIO # 61. According to the map on your

TEXT BOOK page 37, around what physical feature is Egypt's population the densest?

2. Why do you think more people live there?

• Economics is the study of the production and consumption of goods and the transfer of wealth to produce and obtain those goods.

• Economics explains how people interact within markets to get what they want. 

• Most people in our society buy and sell good and services every day.

What is economic?

Lesson 2: Exploring economics

Resources and Production

In order to make goods and offer service, people need resources.

There are four kids of resources:1. Land2. Labor (employees)3. Capital (money)4. Entrepreneurship (business)

Supply and demand

Supply: is the amount of a good or service that a producer want to sell.

Demand: is the amount of something that a consumer wants to buy.

Supply and demand

Scarcity: or lack of resources. I make the price go up.

Opportunity of cost: is what you give up to make it or buy it

1. How will the people who make goods and who buy the goods react if the price goes down?

Progress check

1. Traditional Economy: it is based on custom. Members of the family make goods for the rest of the group.

2. Command Economy: the government will decide what goods will be made and who will receive it.

Managing and Measuring Economies

What are the types of economic system?

3. Market Economy: each person makes choices about what to make, sell and buy.

4. Mixed Economy: the get is government have some control over what and how much is made. People make the other choices.

Managing and Measuring Economies

Recession: when the economy grows very slow.

Boom: the economy grows quickly

Inflation: when prices are rising, that is a sign of inflation.

Measuring Economy

Economy grow and shrink over time. That is called the business Cycle.

1. In which type of economy system are all decisions made by a central government?

2. What is our economy system?

Progress check

Why do people trade?

Two countries trade with each other when both sides can gain something from the exchange.

Export: are good shipped out of a country and sold somewhere else.

Import: are goods that a country buys from other countries.

Barter: when goods are trade for other goods.

Trading in World History

1.Geography 2.Conflicts 3.Protection 4.High taxes

Barriers to Trade

Globalization: it is a form of international trade.

1. What are the advantages and disadvantages of trade?

Progress check

1. WORKBOOK PAGE 19-23

2. Guided reading (hand out)

In a separate piece of paperQuestions 9-14

Class Work

1. Graphic organizer (type of economies foldable

2. Work book page 19-23

Class Work

1. Find a country that has problems trading. Why? With whom? At least 3 paragraphs long (hand writing)

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