Lesson 1&2.docx - Lesson 2.1 The Three Key Economic Questions Define Key Terms economic systemfactor paymentprofitsafety netstandard of economy

Lesson 1&2.docx - Lesson 2.1 The Three Key Economic...

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Lesson 2.1 The Three Key Economic Questions Define Key Terms economic system- factor payment- profit- safety net- standard of living- innovation- traditional economy- Academic Vocabulary Equity: fairness Prioritize: arrange in order of importance Three Basic Economic Questions: Reading 1. Categorize As you read "Three Basic Economic Questions," use this graphic organizer to list the three questions and provide at least two examples that illustrate each. The examples need not come from the lesson. Examples Three Basic Economic Questions 1. 2. 3. 2. Vocabulary: Use Context Clues Under “Who Consumes the Goods and Services That Are Produced,” use context clues to come up with a definition of the word values .
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Economic Goals of Society: Reading 3. Draw Inferences How does the introduction of robots into an automobile factory illustrate the economic goal of efficiency? 4. Draw Conclusions A key innovation during the Industrial Revolution was the steam engine. How did the steam engine contribute to the growth of the textile, or
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