HOMEWORK SHEET FOR UNITS 1 & 2

Economics – Ms. Rosenberg
Spring 2009

UNIT ONE: FOUNDATIONS OF ECONOMICS

1. MAKING CHOICES – DUE WEDNESDAY, FEBRUARY 25th

Read and review pages 3-12 (this is a review of what we studied the first two weeks of class.

Make sure you understand: the meaning of economic scarcity and why scarcity necessitates making economic choices, economic trade-off and opportunity cost. You are responsible for this material on the next quiz/test)

Read pages 18-24 and ANSWER THE FOLLOWING:
-Define: traditional economy, market economy, command economy
-Explain with examples the three basic economic questions of what, how and who.


2. COMMUNISM – DUE THURSDAY, FEBRUARY 26th
-Read pages 25-31
-How are economic and political decisions combined in a command economy?
-Why is a command economy inefficient? Be specific.


3. THE FREE ENTERPRISE SYSTEM – DUE FRIDAY, FEBRUARY 27th
-Read pages 35-48
-Define: free enterprise
-Who answers the basic economic decisions in a free market economy?
-Why is individual decision making important in a free enterprise economy?
-How is the United States a mixed market economy? Be clear about what that means.


TEST #1 is on Tuesday, MARCH 3rd!



UNIT TWO: SUPPLY & DEMAND

#1 Read pp. 52-58
Define and explain:
(a) The law of demand (b)elasticity of demand (c) the law of supply (d) elasticity of supply and (e) market price.
DUE MONDAY, MARCH 2


#2 Read pp. 58-65
Complete #1-8 on page 68. You can use the graphs and tables in the book and from your notes as a guide.
DUE WEDNESDAY, MARCH 4


#3 Answer questions from “Going to Market!” in class activity. If you were absent it is your responsibility to meet with me or get notes from a reliable classmate to go over what you missed.
DUE THURSDAY, MARCH 5

#4 Cut out 5 print advertisements from newspapers and magazines that appeal to different groups of people as discussed in class.

Record the following for each advertisement:
What is the ad trying to sell?
Is the product a basic need or luxury?
What strategies are used to get people to buy more?
Who might be the target groups of this ad? Why?
DUE FRIDAY, MARCH 6

#5 Watch 5 TV ads and record the following
What is the ad trying to sell?
Is the product a basic need or luxury?
What strategies are used to get people to buy more?
Who might be the target groups of this ad? Why?
DUE MONDAY, MARCH 9