Economics for Everyone

After completing the unit on Economics*, there are many new words that you have learned. Choose three of the following words. Explain what each economic word means and give an example of each word.

Barter
Free enterprise
Market economy
Monopoly
Good
Service
Producer
Consumer
Profit
Loss
Opportunity cost
Supply
Demand

* Unit is found at http://tqjunior.advanced.org/3901/

Scoring Rubric

4	Student had a good definition of 3 words with clear examples.
3	Student had a good definition of 2 words with clear examples or Student had 3 good explanations with some unclear examples.
2	Student had good definitions of 2 words with some unclear examples.
1	Student had a good definition of 1 word with a clear example or Student gave 3 definitions but no examples.
0	Answer showed that student had no understanding of question.

Kentucky Learning Goals and Academic Expectations:

1.11 Students write using appropriate forms, conventions, and styles to communicate ideas and information to different audiences for different purposes.

1.16 Students use computers and other kinds of technology to collect, organize, and communicate information and ideas.

2:18 Students understand economic principles and are able to make economic decisions that have consequences in daily living.

Skill Objectives:

Students will understand basic economic principles.

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