Unit 4: Exploring Economics
Day 1 - January 4th
- Add all the new vocab words (below) to the WWK section of your notebook.
- Study them with a friend if you have extra time.
![](http://www.weebly.com/weebly/images/file_icons/pdf.png)
Unit 4 WWK |
Day 2 - January 6th
- On page 55, title it "Questions Economists Ask" and make a list of the following
- What is produced?
- How is it produced?
- Who gets what is produced?
- What role does the government play in the economy?
- On page 56, title it "Economics Flowchart" and copy down (or print and glue) the chart below.
- Glue the "Scarcity Chart" (below) to page 57.
- Read the "Examples of Economic Problems" sheet (below) and use it to fill out the Scarcity chart.
![](http://www.weebly.com/weebly/images/file_icons/pdf.png)
Printable Scarcity Chart |
Day 3 - January 9th
- Title page 58 Economic System Graphic Organizer
- Cut out all the graphic organizer pieces in the Pieces Handout
- Try arranging them into a flowchart, but don't glue anything down yet.
- When you THINK you have them in a good arrangement, look at the Answer Key
- Rearrange, draw arrows, and glue down
- Find a partner to talk to. Meet up and read through the graphic organizer together. Make connections and talk about some examples you can think of for different steps in the chart.
- When you're done, study your Unit 4 vocab words with a partner. (Quiz soon!)
![]()
|
![]()
|
Day 4 - January 13th
- Click the article above to enlarge it. Read the first section to review what scarcity means. Can you think of an example of scarcity? Turn and tell a partner your example.
- The second section of the article above explains some different types of economic systems. Read it and pay special attention to the last paragraph.
- As a class, read Grandpa's Corner Store by DyAnne DiSalvo Ryan. This book takes place in a market economy. If you were absent this day, click here for a video read aloud.
- Title page 59 of your notebook "In a Market Economy..."
- During or after reading the book, make a list on page 59 of some things you noticed that happen in a market economy. For example, (you can put this on your list) stores are privately owned.
- AFTER you have your list (5 or more items), please download the file below and fill in any list items you may have missed. You can add/remove items as needed.
![](http://www.weebly.com/weebly/images/file_icons/image.png)
In a Market Economy... |
- Unit 4 Vocab Quiz two classes from now!
Day 5 - January 18th
- Glue the Market Economy Graphic Organizer (included in downloadable file) into page 60 of your notebook.
- Independently, read the article "What is a Market Economy?" (included in downloadable file), and highlight important parts
- In groups of 2-3, review the article and fill out the graphic organizer.
- Think back to the book Grandpa's Corner Store that we read yesterday and talk with your partner about how each of the six parts of a market economy was shown in the story. Write your connections down on page 61, titled Book Connections.
- Glue the Prediction Activity (included in downloadable file) onto page 62 of your notebook.
- This may be completed in class if you have time, or as homework (due tomorrow). Read each consumer fact and predict how it might affect what is produced in a market economy. You may complete this in groups of 2-5 people.
![](http://www.weebly.com/weebly/images/file_icons/pdf.png)
Market Economy Article, Graphic Organizer, and Prediction Chart |
- Unit 4 Vocab Quiz next class!
Day 6 - January 19th
- Go to google classroom and log in.
- Find and take the Economics Vocab Quiz (this will not be made available to students until the day of)
- Your score will be released to you automatically.
- Absent students, please take this quiz with integrity (no notes and no help from others).
Day 7 - January 23rd
- Add all the new vocab words (below) to the WWK section of your notebook.
- Click to enlarge.
- This is the second set of words for Unit 4.
- Study them with a friend if you have extra time.
Day 8 - January 24th
- Download and print the pages below
- If in class, write about class discussion on page 63 of your notebook. If absent, skip this step.
- Glue the "Circular Flow Diagram" page on page 64 of your notebook
- Open the Answers file below. Fill out your circular flow chart with the given labels. If absent, put "ABSENT" under "What did you observe in the simulation?"
![]()
|
![]()
|
Day 9 - January 25th
- Download and print the pages below.
- Glue the page with the questions on page 65 of your notebook
- Answer the questions on page 65
- Open the Answers file below.
- You may compare your answers on page 65 to the example answers to check your work. Yours might be slightly different.
![]()
|
![]()
|
Day 10 and 11- January 26th & 27th
PART ONE - Strawberries
- Download the file below (and print it if you were absent).
- Glue the Cause & Effect Organizer to page 66.
- We will complete the organizer as a class. If you were absent, click "strawberry answers" below.
- Title page 67 "Gas Wars". Read the Gas Wars article.
- On page 67, answer the four questions that follow the article.
- Title page 68 "Vocab Hunt"
- On page 68, write the following terms in a bulleted list, skipping 3 lines for each one:
- scarcity
- choice
- price
- supply
- demand
- substitute goods
- competition.
- scarcity
- Now read the Nintendo article. Write down any phrases (whole sentences not needed) or parts of the article -- in quotation marks -- that were examples of any of the terms on your list. For example, under the word Scarcity on page 68, I would put "shortages of Nintendo Wii's" which I found in the first paragraph of the article.
- If you do well, you will have some words with one example and some words with two.
![]()
|
![]()
|
Day 12 - January 31st
- Download and Print "Incentives Pages" below
- Glue the first page into page 69 of your notebook
- Glue the second page into page 70 of your notebook
- Complete both pages
- Look at the examples of positive incentives on the third page. Can you think of any more examples?
- Look at the examples of negative incentives on the fourth page. Can you think of any more examples?
![](http://www.weebly.com/weebly/images/file_icons/pdf.png)
Incentives Pages |
Day 13 - February 1st
- Open the Mr. Jones pages (below)
- Read the story, looking for examples of incentives
- Fill out the chart and glue it to page 71
![](http://www.weebly.com/weebly/images/file_icons/pdf.png)
Mr. Jones Pages |
Day 14 - February 2nd
- Read the book Ox Cart Man by Donald Hall or watch it being read aloud below
- Open and print the pages below.
- Fill out the first page using information from the story
- Glue your completed questions page to page 72
- Read the Specialization in Michigan info on the second page
![](http://www.weebly.com/weebly/images/file_icons/pdf.png)
Ox Cart Man Pages |
Day 15 - February 3rd
- Title page 73 "Early Auto Timeline"
- Title page 74 "Auto Photos"
- Download the assembly line info pages below
- Using the page titled Early Automobile Timeline, answer these questions (write on page 73)
- Did Henry ford invent the car? How can you tell (using timeline)?
- Who were some of the people involved in the early auto industry in Michigan?
- Based on the timeline, do you think competition was a major part of the early auto industry? How do you know?
- Why do you think so much of the early manufacture of automobiles was centered in Detroit?
- Look at the following pages (Photographs #1,#2,and #3. On page 74, answer
- What do these photos show?
- Did the assembly line lead to more or fewer cars being produced (larger or smaller supply of cars)?
- Think about your answer to the last question. What would this do to the price of cars?
- Would it be easier to be on a team of people that all assemble the whole car and work together for every step, or easier to do one repeated step of the work on an assembly line ? Why?
- Read the information on the next page.
- Look at the "Assembly Line Today" picture. Make a comparison between this one and the historical photos you just looked at (write on page 74).
- Watch the two assembly line videos below if you have time
![](http://www.weebly.com/weebly/images/file_icons/pdf.png)
Assembly Line Info Pages |
I Love Lucy Assembly Line Video
|
Bill Nye Assembly Line Video
Click Here to Watch |
Day 16 - February 7th
- Today is an in-class simulation of an assembly line. This can not be made up at home.
Day 17 - February 8th
- Title page 75 “Assembly Line Simulation”
- Answer these on page 75 in complete sentences:
- How did you see this vocab term in action? Division of Labor
- What were you specialized in?
- Did division of labor and specialization increase or decrease our productivity? Why?
- Title page 76 “Imported Clothing”.
- Make a three-column chart with the columns labeled OWNER, ITEM, IMPORTED FROM
- Go around to classmates, friends, or family members and check clothing tags to see where clothing was imported from. Add at least 10 different clothing items to your list.
- HOMEWORK: Complete the Imports Chart (attached) by looking for objects you have around the house. Fill your chart with lots of different types of goods (not just all clothing or all toys).
![](http://www.weebly.com/weebly/images/file_icons/pdf.png)
Imports Chart |
Day 18 - February 9th
- Glue the Imports Chart (last night's homework) in to page 77.
- Look up all of the countries (if you don't already know where they're located) on this world map.
- On page 78, write the title "Michigan Imports" and answer these questions using the chart below:
- What do you notice about Michigan exports? Are there any exports that can be grouped together for being related?
- What might happen if other countries started producing car-related goods for less money? What would the effects be in Michigan?
- Answer on page 78: If you had to guess, which 3 countries do you think the U.S. trades with the most?
Day 19 - February 10th
- Read the list below. These are (in order) the countries that the U.S. does the most trade with. On your top 3 from yesterday, put a check mark next to any countries you predicted correctly.
- Underneath your guess list on page 78, write "Actual Top 3" and copy down the first three countries from this list.
- We export and import different things from all of these countries. For example, Venezuela and Saudi Arabia are both large exporters of oil.
- One large trading partner of the U.S. is China. Compare the two charts below. On the left you will see a list of goods made in the U.S. and exported to China. On the right, you will see a list of goods made in China and exported to the U.S. Look for patterns, comparisons, and contrasts between the two.
- Think:
- Do US imports/exports from/to China seem to be pretty even in amount, or are there more of one than the other?
- Which country sends out mostly finished / manufactured goods?
- Which country sends out mostly raw materials / capital resources?
- Print and glue the "Effects of Global Competition" page (available below) to page 79.
- Write what differences you saw in goods being sent from the U.S. to China vs. the other way around. Two sentences minimum. I have provided an answer for you (see image below) but it is in code. You will have to decipher the message to find the correct answer.
- For the three scenarios, talk it out with your groups and fill out the chart.
![](http://www.weebly.com/weebly/images/file_icons/pdf.png)
Effects of Global Competition |
Day 20 - February 13th
Look at “Analyzing Historic Photographs” below. Think about (you don’t have to write yet): What do you see in the pictures? What do you think this place is? What do you think happened here?
SPOILER ALERT! DO THE PART ABOVE BEFORE YOU READ ON!
.
.
.
The photos depict a ghost town named Rhyolite which is located in Nevada. Note: “Ghost town” just means it is abandoned and no one lives there anymore. No actual ghosts!
Read the Rhyolite Info at this link.
On page 81, answer:
Comparison:
.
.
.
The photos depict a ghost town named Rhyolite which is located in Nevada. Note: “Ghost town” just means it is abandoned and no one lives there anymore. No actual ghosts!
Read the Rhyolite Info at this link.
- Make a Rhyolite timeline on page 80 of your notebook including the events you think are most important for its rise and fall as a town.
On page 81, answer:
- What natural resource in the area lead to the founding of Rhyolite?
- What caused Rhyolite to become a ghost town?
- Do you think there are similar cases of towns growing quickly and then becoming ghost towns in Michigan? Why ? Hint: Think of a different resource (not gold) that could have caused a similar situation in the UP.
Comparison:
Las Vegas, like Rhyolite, was a town built in the desert. Rhyolite become a ghost town, but Las Vegas became and remains a huge city. Gambling and casinos became a growing business in Las Vegas and many jobs were created. This has been a business that has withstood global competition and hard economic times. In addition, it has made use of technological changes like computers.
Look at the “Cause and Effect Chain” below. Use the chain to trace how the level of employment in an area can be affected by changing demands for a natural resource such as copper.
Look at the “Cause and Effect Chain” below. Use the chain to trace how the level of employment in an area can be affected by changing demands for a natural resource such as copper.
The growth of manufacturing led to the availability of jobs in Michigan cities. Levels of employment in manufacturing were affected by various changes:
If you finish early (page 80 timeline is made, page 81 questions are answered, and you read through everything above), check out this video of modern-day Rhyolite shot with a drone camera (play below).
Also, you may want to start studying for your vocab quiz in a few days and your unit test. The study guide is available at the bottom of this page.
- During World War I and World War II automobile factories made military items such as tanks and airplanes. There was a high demand for these items so many workers were needed.
- Competition from foreign car companies led to rising unemployment among factory workers in the late 1900s.
- When robotics became a part of assembly line production some automobile factory workers lost their jobs. However, levels of employment in the robotics industry increased.
If you finish early (page 80 timeline is made, page 81 questions are answered, and you read through everything above), check out this video of modern-day Rhyolite shot with a drone camera (play below).
Also, you may want to start studying for your vocab quiz in a few days and your unit test. The study guide is available at the bottom of this page.
Day 21 - February 15th
Title page 82 “Unemployment”
Look at the “Unemployment in Michigan” graph (below, left). Click to enlarge.
Discuss (don’t write these ones):
Look at the “State Unemployment Map” (below, right). Click to enlarge.
Possible reasons for different levels of unemployment in different regions include:
In order to create maps like this one, the United States government collects data relating to employment and unemployment.
Look at the “Unemployment in Michigan” graph (below, left). Click to enlarge.
Discuss (don’t write these ones):
- What is shown on the X-axis, or horizontal axis, of this graph?
- What is shown on the Y-axis, or vertical axis, of this graph?
- What trend is shown on the graph?
- What might explain this trend?
Look at the “State Unemployment Map” (below, right). Click to enlarge.
- Based on the map: What do you notice? What do you wonder? Write on page 82.
Possible reasons for different levels of unemployment in different regions include:
- A decreasing demand for the goods produced in one region.
- An increasing demand for the goods produced in one region.
- Regional differences in natural, human and capital resources
In order to create maps like this one, the United States government collects data relating to employment and unemployment.
Look at “Exploring Employment Issues”. Click to enlarge. Read the article carefully with a partner. Talk about:
- According to the article, what are some of the negative effects of unemployment?
- How can the unemployment of some workers lead to the unemployment of other workers?
- What are some of the questions about unemployment the government seeks to answer?
- How does the government determine who is employed and who is unemployed?
Glue the “Scenarios” chart in to page 83 of your notebook. You can download and print this below if needed. Read each scenario with a partner and decide if the person described in the scenario would be considered unemployed, employed or not in the labor force. Place an “X” in the correct box on the chart.
HELP: You may struggle with the scenarios describing George Lewis and Lisa Fox. Both these people would be considered employed by the government even though they are not paid for the work they do. They fall into a group called "unpaid family workers," which includes any person who worked without pay for 15 hours or more per week in a family-owned business operated by someone in their household. Tricky stuff! Don't worry, you won't be tested on any trick questions like George or Lisa!
HELP: You may struggle with the scenarios describing George Lewis and Lisa Fox. Both these people would be considered employed by the government even though they are not paid for the work they do. They fall into a group called "unpaid family workers," which includes any person who worked without pay for 15 hours or more per week in a family-owned business operated by someone in their household. Tricky stuff! Don't worry, you won't be tested on any trick questions like George or Lisa!
![](http://www.weebly.com/weebly/images/file_icons/pdf.png)
Scenarios |
If you have extra time, look over the new info in the download below. It will help you on your test.
![](http://www.weebly.com/weebly/images/file_icons/pdf.png)
Unemployment & Outsourcing |
Day 22 - February 16th
Take the vocab quiz for Unit 4. It will be uploaded to google classroom and made available to you on this day.
Day 23 - February 20
No class today (art day) but notebooks are due. Please turn them in to Ms. Smith.
Day 24 - February 21
Take the test for Unit 4. It will be uploaded to google classroom and made available to you on this day.
![](http://www.weebly.com/weebly/images/file_icons/pdf.png)
Economics Unit Test Study Guide |