US Government Assignment Guide and Key Points
Chapter 13 "American Economics"
Lesson 1 "Introduction to Economics"
Turn to page272-273 look at the picture on those pages read about it and the short introduction to Chapter 13
Scan Pages 274-276; focus on the blue boxes, which contain the key vocabulary terms.
Scan Pages 274-277 for pictures and diagrams, read each of the captions.
Read Pages 274-276 (take notes of important ideas)
Do you know the answers to the questions on page 277? (See Key Points below for help)
Do you know the vocabulary words? (See Key Points below for help)
Take the quiz on Lesson 1 "Introduction to Economics" (You may use the book, notes and Key Points for help on the quizzes. NOT ON TESTS!)
Review answers on the quiz and print it out. This will be very useful when you are studying for the test.
Lesson 1 Key Points
Vocabulary Terms
Economics - the study of how people's wants and needs are met.
resource - something used to make goods and provide services.
Feudalism - a system in which a feudal lord gave protection to the people who lived and worked on his land in return for their services.
Mercantilism - an economic system based on the idea that a country becomes strong by having wealth and control of the market.
Capital - things of worth: buildings, machines, tools, and money.
Scarcity - not enough goods or services for the needs or wants of people.
Supply - the amount of a product offered for sale
Demand - the amount of a product consumers want to buy.
Market - Area of economic activity where buyers and sellers come together.
Section Review Answers
Did you learn these Objectives?
Are you able to
Lesson 2 "Economic Systems
Scan Pages 278-280; focus on the blue boxes, which contain the key vocabulary terms.
Scan Pages 278-280 for pictures and diagrams, read each of the captions.
Read Pages 278-279 (take notes of important ideas)
Do you know the answers to the questions on page 280? (See Key Points below for help)
Take the quiz on Lesson 2 "Economic Systems" (You may use the book, notes and Key Points for help on the quizzes. NOT ON TESTS!)
Lesson 2 Key Points
Tradition - Handing down beliefs or customs from parents to children.
Capitalism - an economic system in which people and businesses own and control production; also called market economy.
Developing - a poor nation whose economy depends mainly on farming
Socialism - an economic and government system in which government owns most property and runs most businesses
Communism - an economic and government system is which government owns all property and businesses.
Can you
Lesson 3 "The Economy of the United States"
Scan Pages 281-284; focus on the blue boxes, which contain the key vocabulary terms.
Scan Pages 281-284 for pictures and diagrams, read each of the captions.
Read Pages 281-283 (take notes of important ideas)
Do you know the answers to the questions on page 284? (See Key Points below for help)
Take the quiz on Lesson 3 "The Economy of the United States" (You may use the book, notes and Key Points for help on the quizzes. NOT ON TESTS!)
Lesson 3 Key Points
Competition - businesses seeking the same customers or market.
Lesson 4 "Government's Role in American Economy"
Scan Pages 285-289; focus on the blue boxes, which contain the key vocabulary terms.
Scan Pages 285-289 for pictures and diagrams, read each of the captions.
Read Pages 285-289 (take notes of important ideas)
Do you know the answers to the questions on page 289? (See Key Points below for help)
Take the quiz on Lesson 4 "Government's Role in American Economy" (You may use the book, notes and Key Points for help on the quizzes. NOT ON TESTS!)
Lesson 4 Key Points
Monopoly - a company or group that has complete control over a business activity.
Labor union - a group of workers who join together to advance their wages, benefits, and safety.
Overtime - time worked beyond the regular day or week.
Deficit spending - when a government spends more money than it take in.
Intrest - a fee charged on borrowed money
National debt - the amount of money, plus interest on that money, that a government owes.
Gross National Product (GNP) - the total dollar value of goods and services in one year.
Prosperity - wealth, good fortune, success.
Recession - a time when business activity is slow and some people are out of work.
Depression - a severe slowdown of business activity when many people are out of work.
Recovery - the process of coming back to normal.
Inflation - a sharp or steady increase in prices of goods.
Lesson 5 "The United States and Global Economy"
Scan Pages 290-293; focus on the blue boxes, which contain the key vocabulary terms.
Scan Pages 290-293 for pictures and diagrams, read each of the captions.
Read Pages 290-293 (take notes of important ideas)
Do you know the answers to the questions on page 293? (See Key Points below for help)
Take the quiz on Lesson 5 "The United States and Global Economy" (You may use the book, notes and Key Points for help on the quizzes. NOT ON TESTS!)
Lesson 5 Key Points
Global economy - economic system in which the economy of one country can affect and be affected by the economy of another.
Manufacture - to make or process goods, especially in large quantities, using machines.
International - between or among countries.
Tariff - taxes charged by a country on goods coming into a country, sometimes called duties.
Quota - a limit on the number of goods that may be brought into a country.
Free trade - trade between nations that do not have taxes, tariffs, or quotas.
Protectionist - a person who is against free trade.
Preparing for Chapter 13 Test
Turn to Page 294 and read the article "Wealth of Nations".
Turn to Page 295 and read the Chapter 13 summary.
On page 296-297 you will find the Chapter 13 review, complete the review.
Check your answers with those in the Key Points.
Take the Chapter 13 Test "American Economics"
Review the answers then print the results for your records.
Chapter 13 Review answers