Study Guide by ps1z0u

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									                                      Name: ____________________________ #_______

                              Economy Study Guide
Part 1: Match the definitions with the key terms. Study the vocabulary notes taken in
class. Visit Mrs. Sheridan’s website if you need them.

Short Answers

  1. What are some services that Americans rely on?


        a. _____________________________________

        b. _____________________________________

        c. _____________________________________

  2. Give an example of a human/labor resource.

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  3. Give 3 examples of natural resources.


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  4. Provide 3 examples of capital resources.


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     __________________________________________________________________

     __________________________________________________________________

  5. What two things does competition usually do?


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     __________________________________________________________________

     __________________________________________________________________
  Complete the sentence.

  6. The law of demand states _______________________________________________

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  _____________________________________________________________________

  7. The law of supply states ________________________________________________

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Answer the questions in complete sentences.

  8. During our Airplane Factory activity your group probably divided up the jobs. What are
     two advantages of division of labor?

     __________________________________________________________________

     __________________________________________________________________

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  9. List at least three resources your group used for creating your airplane.

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  10. Describe in detail an activity or job that uses division of labor. Use examples of how the
      labor is divided and what final product is created?

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