Lesson 2.1 The Three Key Economic QuestionsDefine Key Terms economic system-factor payment-profit-safety net-standard of living-innovation-traditional economy-Academic VocabularyEquity: fairnessPrioritize: arrange in order of importanceThree Basic Economic Questions: Reading1.CategorizeAs 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.ExamplesThree Basic EconomicQuestions184.108.40.206.Vocabulary: Use Context CluesUnder “Who Consumes the Goods and Services That Are Produced,” use context clues to come up with a definition of the word values.
Economic Goals of Society: Reading3. Draw InferencesHow does the introduction of robots into an automobile factory illustrate the economic goal of efficiency?4. Draw ConclusionsA key innovation during the Industrial Revolution was thesteam engine. How did the steam engine contribute to the growth of the textile, or