United States Economy Review

What are “goods”? Can you think of a good you have bought?

What is a service? Can you name a person who provides a service?

What is a producer? What is a consumer?

How do producers and consumers affect each other?

Some jobs can be both consumers and producers. Can you name a job and describe how they are both a consumer and a producer?

Can you explain what an import is? Can you explain what an export is?

How do imports and exports help the United States economy?

What is supply and demand? How do the affect each other? Can you give an example? Hint: Low Demand/ High Supply High Demand/ Low Supply

Explain how supply and demand affects prices.

Can you name different pieces of technology you see? What Industry is shown above? What jobs may be found within this industry?

Can you explain the division of labor within an industry? Can you think of an industry with a division of labor?

Can you name a major way that imports and exports are transported into and out of the United States?

Where are many United States ports located and why is the location important to the United States economy? How do ports help the U.S economy?

How have ports impacted the USA’s economy and trade?