February 10

Sorry, there was no post yesterday. You wrote an Open Notes Test yesterday using your Chapter 4 Power Notes. You then marked it in class.

Today you wrote your Chapter 3 Quiz. Please don't forget that you are writing your Chapter 4 Quiz on Tuesday. Please use the weekend to review material from the Market Economy. Also don't forget to save your song to my submissions folder. All presenters must be ready to present their song to the class on Monday!!

In case you missed it, here is the Chapter 4 Study Guide:

Format:

1. Matching Section
2. Multiple Choice Section
3. Short Answer Section
4. Fill in the Blanks Section (with a word bank)
   

Topics:

• Key Terms
• Compare the Command Economy, Mixed Economy, Market Economy (How do they answer the basic economic questions?)
• Karl Marx (Check out this hyperlink on Marx from the Social Studies Web)
• Adam Smith (To read about this really cool Scottish philosopher and his ideas about the "invisible hand", please check out the hyperlink above)
• J.K. Galbraith (you'll find a little blurb about this Canadian economist in the textbook on page 49)
• Law of Supply and Demand (in your textbook from pages 50-52, also from the Social Studies Web)
• Characteristics of a Market Economy(this is straight from the Social Studies Website, please make sure that you print off the handout from this web page!!)
• Self-Interest/Freedom of Choice (How does it affect the market/price of goods?)

Here's a list of key terms, key people that will appear on this quiz:

• Karl Marx
• Adam Smith
• J.K. Galbraith
• factors of production
• goods
• capital
• antitrust laws
• monopoly
• "invisible hand"
• scarcity
• market economy
• mixed economy
• command economy
• equilibrium
• law of supply and demand
• economics
• individualism
• private ownership
• capitalism
• basic economic questions
• Wealth of Nations
• mercantilism
• marketplace
• consumers

Here's a list of upcoming important dates:

• Candy Market Simulation Writing Assignment is due Friday, February 11th
• Presentations (everyone must be ready for Monday, February 14th)
• Chapter 4 Quiz is on Tuesday, February 15th
• James Fowler Tour is on February 22nd
• USA Dictionary Projects are due February 22nd