Economics Unit Chapter 10: Economics Close to Home Chapter 11: The Atlantic Economy Chapter 12: Our Economic Outlook

Chapter 10: Economics Close to Home 1. What is economics? p What is economics? p a.) What is scarcity in economic terms? 2. a.) What is scarcity in economic terms? b.) What are the 2 types of scarce things? p. 141 b.) What are the 2 types of scarce things? p a) Explain the idea of opportunity cost. p a) Explain the idea of opportunity cost. p b) What is impulse buying? Explain and give an example of your own. b) What is impulse buying? Explain and give an example of your own.

Chapter 10 continued The Law of Supply and Demand The Law of Supply and Demand Read pages Read pages How do we create demand? 1. How do we create demand? 2. What is supply? 2. What is supply? 3. What is an economic good or service? 3. What is an economic good or service? The Hidden Market The Hidden Market 1. Define hidden market. 1. Define hidden market. 2. What is the substitution effect? 2. What is the substitution effect?

Chapter 11: The Atlantic Economy Assignments: Assignments: 1. Vocab: natural resources, gross domestic product (GDP), aquaculture, annual allowable cut, first-stage manufacturing, second-stage manufacturing 1. Vocab: natural resources, gross domestic product (GDP), aquaculture, annual allowable cut, first-stage manufacturing, second-stage manufacturing 2. Create a chart to identify and explain the 4 sectors of industry. p Create a chart to identify and explain the 4 sectors of industry. p. 157

Chapter 11 con’t 3. a) What 2 features define the new economy? 3. a) What 2 features define the new economy? b) What other names is it known by? b) What other names is it known by? c) In a chart, explain how each of the following have changed under the new economy: main industries, education, literacy, entrepreneurship, markets, human resources. c) In a chart, explain how each of the following have changed under the new economy: main industries, education, literacy, entrepreneurship, markets, human resources.

Chapter 12: Our Economic Outlook 1. Read the story of Sabian Cymbals pp List the 6 factors that influenced the company to locate in Meductic, NB. 1. Read the story of Sabian Cymbals pp List the 6 factors that influenced the company to locate in Meductic, NB. 2. Create a poster or brochure to promote Sabian Cymbals. Think about what goes in to an advertisement: who is your market, why should they buy/use your product, who recommends it? 2. Create a poster or brochure to promote Sabian Cymbals. Think about what goes in to an advertisement: who is your market, why should they buy/use your product, who recommends it?

Chapter 12 con’t 3. Vocabulary: 3. Vocabulary: transfer payments, regional disparity, seasonal employment, outmigration transfer payments, regional disparity, seasonal employment, outmigration 2.What do we mean by quality of life? 2.What do we mean by quality of life? 3. What criteria does the UN use to measure quality of life? p What criteria does the UN use to measure quality of life? p What impact will the aging population have on our economy? P What impact will the aging population have on our economy? P. 186

Focus on an Issue Read page 189 about Free Trade. Read page 189 about Free Trade. Write a short report to explain what free trade is all about, who is involved, and what it does. Be sure to include all bolded terms. Write a short report to explain what free trade is all about, who is involved, and what it does. Be sure to include all bolded terms. Write a short paragraph to explain your feelings about free trade- is it good for Canada? +/- Write a short paragraph to explain your feelings about free trade- is it good for Canada? +/-

Test Outline 1. Fill in the blanks: vocabulary from chapters Fill in the blanks: vocabulary from chapters Short answers/charts: 2.Short answers/charts: Goods and Services Goods and Services Law of Supply and Demand/consumers and producers Law of Supply and Demand/consumers and producers Sectors of Industry/examples Sectors of Industry/examples New vs. Old Economy New vs. Old Economy Free trade Free trade

Test Outline con’t 3. Mini essay: 3. Mini essay: Quality of life Quality of life Sabian Cymbals Sabian Cymbals Opportunity cost/wants and needs Opportunity cost/wants and needs Atlantic Canadian companies in the global community Atlantic Canadian companies in the global community Employment opportunities and the aging population Employment opportunities and the aging population