Economic Basics
Vocabulary
ECONOMY- A system for producing, and _____________and _______________to fulfill
peoples ______________ (needs).
CAPITALISM• Free ___________________or Free ____________
• A type of economic system where the ________________ decides how goods and
services will be produced and distributed.
• Little to no government control of the ________________.
SOCIALISM• A type of economic system where the __________________ controls the major
industries in a country (electric companies, oil, health care).
• The_______________ decides how these goods and services will be produced and
distributed. Some private ownership is allowed.
COMMUNISM• The government owns and controls all the production of goods and______________.
• There is no _____________ ownership, everything is owned collectively by the people
and the government decides who gets what and who can use what.
MONEY- Anything that is accepted as ____________for goods and services.
SUPPLY- The amount of a product made and sold in an economy at a
certain_____________.
SECURITIES, STOCKS AND SHARES• Ownership in a ____________________ or__________________________.
BUYER________________________________________________________________________
________________________________________________________________________
________
SELLER- A person willing to sell a good or service at a certain price.
GOODS - _______________ products that can be bought or sold. Example, food,
clothes, car.
_______________ -- ___________that you will pay another person to do for you.
Example- Fix your car, go to a doctor, take care of your yard.
INVEST- To place your _______________ into business, the stock market or other areas
of the economy where you hope your money will make a profit
BUDGET- A ____________ for how you will spend and save money
PROFITS- The ____________ you have left over after you subtract what it cost you to
make something from what you were able to sell it for.
What is an economy?
An economy is a system for producing, and distributing _____________
and_____________ to fulfill people’s _______________ (needs).
• You must have human wants in order to have an economy.
• Everyone wants something.
2 types of wants that an economy helps to provide:
1. ________________ Food, water, oxygen, shelter, clothing. Items that keep you alive.
2. __________________- love, feel good about yourself, happy.
Factors of Production
The __________________ that produce the goods and services that satisfy people’s
wants.
LAND
Soil, minerals, water, animals, plants that grow on the Earth. Basically it is all of the
Earth’s natural resources.
LABOR The ____________ and __________________ it takes people to produce goods and
services.
CAPITALAnything that can be __________________ and used to produce other goods and
services.
Examples- tools, machinery, or money.
Egypt Article
Egypt's dominance of the ancient world was a result of more than just
determination and brute force. Ancient Egypt was blessed with an
abundance of natural resources - not least the river Nile.
The Nile provided vast amounts of fertile land and was a major route for
communications and travel - it was the freeway of ancient Egypt. Boats moved
cattle, grain and soldiers across the Kingdom and the Nile linked Egypt's
provincial centers to its capital, Thebes. This enabled Egypt to function as an
integrated kingdom, rather than a collection of independent provinces.
The golden touch
Egypt also had many other natural resources that helped it achieve new levels of
wealth and sophistication. The most important of these was gold. Egypt's gold
turned it into a superpower, respected and courted by friends and enemies alike.
Gold-bearing rocks were crushed and the fragments carried to the river by
donkeys, where they would be washed and the precious nuggets extracted.
Salt of the earth
The desert regions also gave Egypt a rich supply of salts, particularly natron,
brine and soda. These were used in medicine, to preserve and flavor food and to
tan animal hide.
Natron was used to make ceramics and glass, and to solder precious metals
together: it was even used as a mouthwash. Mixed with salt, it was used to
preserve fish, meat and to mummify dead bodies; mixed with oil, it became an
early form of soap.
Rock solid
The deserts around Egypt also provided building materials for temples, palaces
and tombs. Sandstone and limestone were quarried and shaped without any
machinery or cutting tools. Instead, wedges were pushed into channels cut into
blocks of rock to split stones away from the rest of the rock.
Getting the most from your vegetables
Flax, a winter vegetable, was also essential. Flax had two main uses: oil and
fiber. The flax stems were combed to remove the bolls, which contained linseed
oil. The remaining fibers were spun to make linen threads, which could then be
woven into clothing, sheets and blankets.
Out of the woods
One natural resource Egypt lacked was good quality timber. Although palm trees
were used in construction, other native trees, such as sycamore, acacia and
tamarisk, were usually too knotty and brittle to be used in construction or for top
quality decorations. Instead, these trees were used for firewood and charcoal.
They were also turned into furniture and coffins for ordinary Egyptians. Someone
with enough money could improve their coffin's appearance by covering it with
ivory, ebony and other expensive woods. Any other woods were easily imported
from abroad, usually from the Lebanon.
Reed all about it
Egyptians had a winning way with reeds, which grew in huge numbers beside the
Nile. Reeds were the material with a million uses: they were turned into mats,
baskets and sandals, while the mud they grew in was used as clay for pottery
and bricks.
They also had a massive supply of papyrus, a plant that grew in marshes and
swamps near the Nile. Papyrus was used to make paper. The stalks were sliced
into strips: these were then laid over each other and beaten to make a sheet.
Because it could quickly be written on with pen and ink, and easily rolled up and
carried, papyrus soon became indispensable. Bureaucrats could now ensure that
a famine could be averted and its soldiers properly supplied. Lessons could be
learned and knowledge could be stored, bringing Egypt to new levels of
efficiency. While its power was based primarily on gold, it was papyrus that gave
Egypt its sophistication.
2006 Donegon enterprises
http://www.pbs.org/empires/egypt/educators/index.html
“Sell It”
TASK: You will become an Ancient Egyptian with a product to sell. While researching
your product, you will be creating a FA EBOOK page to inform others about your daily
life as an Egyptian and the production of your product. Then you will prepare a poster
of information about your product and a prototype (model) of your product to share
with your fellow Egyptians.
INSTRUCTIONS:
Select a product to produce and sell in Ancient Egypt. Your selection should be based on
the economic principals and information discussed in class as well as your geographic
knowledge of Ancient Egypt. You will be given time to research your product and the
daily life of Egyptians using the Internet.
PRODUCT INFORMATION: Make sure to figure out how to get your raw materials and
how you are going to Sell It. Use the following to guide you in the research for your
product. Use the Product Poster graphic organizer for taking notes as you conduct your
research – good notes will help you create a great poster. Consider the following
Themes of Geography as you do your research.
Location: Pick your locations based on what you plan to sell or do you pick the location
and then determine what to sell? Need to know both the absolute and relative location
of your civilization.
Place: Know what your place has to offer and what things you could sell based on the
culture, etc. This will take some research. Start with your textbook.
Human Environmental Interaction: How will you utilize the environment to help make
your product?
Movement: How will you get your natural resources and how will you get your product
to market? Does it cost too much (opportunity costs)?
FA EBOOK (Daily Life): You will create a “Fakebook” page on the Egyptian you will
become. Instructions and a template will be provided to you. You will need to conduct
research on what daily life would be like for you. You will need to create 7-10 posts on
your page about your daily life and your life as you create your product. You will also be
given time to post to the other Egyptians. Be sure to document your sources for
information and images on the Reference Page of the template.
GRADING: You will be graded on all three parts of this project – the “Fakebook” page,
the Product Poster and your Presentation. Use the Poster and Presentation Scoring
sheet provided to be sure you have included all the requirements. Review the
“Fakebook” rubric to assure you have completed the task with attention to quality.
PRODUCT POSTER GRAPHIC ORGANIZER
Name:______________________________________
Period:___________________
Location: Name of Location
Absolute and relative location
Culture—why did you chose your product?
HEI --What from the environment will you be
using?
Movement: How do you get the product to market?
How do you get the natural resources?
What are the opportunity costs?
“Sell it” Project Checklist/Reflection
Name: _______________________________________________________
Period:______________
What is the location you have chosen?
Absolute Location: _________________________________
Relative Location:
_____________________________________________________________________
_____________________________________________________________________
DID YOU INCLUDE THIS INFORMATION ABOUT YOUR PRODUCT . . .
Absolute location is accurate
Relative location is accurate
Place: What ideas did you use and how did culture influence your choice of
item to “sell”?
Place: Did you choose an appropriate place for your product?
HEI: Was the environment considered in making the product?
HEI: Did you make sure there were appropriate natural resources available?
Movement: Did you explain how you get your natural resources?
Movement: Did you explain how you got your product to market?
Did you use supply and demand to determine what product to “sell”?
Did you determine an appropriate selling price using what you learned about
economics?
DID YOU INCLUDE IN YOUR FAKEBOOK . . .
7-10 posts about your daily life activities based on research? (Shows evidence
of new knowledge)
Did you post at least five images that relate to your daily life and/or product?
Did you include an event invite on your Fakebook page?
Did you post a response on at least 5 other Egyptian Fakebook pages?
Did you add at least 3 friends to your Fakebook?
Did your posts show knowledge of life in Ancient Egypt?
Did you include all of your sources of information and images?
Did you find out who was the Pharaoh at the time you were living? Any other
historic events happening at the time?
Yes/No
Yes/No
Yes/No
Yes/No
Yes/No
Yes/No
Yes/No
Yes/No
Yes/No
Yes/No
Yes/No
Yes/No
Yes/No
Yes/No
Yes/No
Yes/No
Yes/No
Yes/No
Yes/No
Reflection on your project: How satisfied are you with the outcome? What would you do the
same? What would you differently? What grade would you give yourself for this project? (You
can continue on the back if necessary)
_____________________________________________________________
_____________________________________________________________
_____________________________________________________________
_____________________________________________________________
_____________________________________________________________
SELL IT
POSTER AND PRESENTATION SCORING
Name: ____________________________ Class Period: _______
Poor
5
ORGANIZATION:
Presentation Organization-Beginning,
Middle and End
Use of Allotted Time
CONTENT:
Support for location for production
Addressed movement of product
Described the characteristics of place
for production and daily life (culture).
Use of resources – humanenvironmental interaction—for
production and daily life.
Visual Aids (Appropriateness &
Effectiveness)
Q & A Session-Knowledge of Topic
SPEAKING SKILLS:
Enthusiasm, Volume, and Vocal
Variation (freedom from monotone)
Vocabulary and Use of Appropriate
Words
Total Points Earned _______/100
Acceptable
7
Excellent
10
Comments
Fa ebook Rubric
Student: __________________________
Class Period: ______
Excellent (10 points)
Admirable (8 points)
Acceptable (7 points)
All posts (7-10) are
excellent examples of
daily life or product
based on research.
Most posts (7-10) most
posts are excellent
examples of daily life or
product based on
research.
Missing appropriate posts
(fewer than 5) to show
knowledge of daily life
and product based on
research.
Completed all required
parts of the Fakebook
page with more than
required number of
entries.
Information has words
spelled correctly in
complete sentences.
Uses content vocabulary.
Completed all parts of
the Fakebook page with
required number of
entries.
A limited number of
posts created (5-7)
which are acceptable
examples of daily life or
product based on
research.
Completed all but one or
two parts of the
Fakebook page with
required number of
entries.
Information is written
with more than a few
spelling errors or
incomplete sentences.
Sources of information
are limited in number and
show only some evidence
of research.
Few sources of
information included on
the reference page or
shows little evidence of
research.
Fakebook is missing
support to show
understanding of the
geography and economics
of Ancient Egypt.
Sources of information
are complete and
represent extensive
research.
Fakebook was
thoughtfully presented
and demonstrates
exemplary understanding
of the geography and
economics of Ancient
Egypt.
Information has most
words spelled correctly
and in complete
sentences and uses
content vocabulary.
Sources of information
are mostly complete and
show evidence of
research.
Fakebook is
demonstrates
understanding of the
geography and economics
of Ancient Egypt.
Fakebook demonstrates
some understanding of
the geography and
economics of Ancient
Egypt.
Amateur (5)
Missing many parts or too
few entries.
Information contains
many spelling errors
and/or not written in
complete sentences.
Sell It Gallery Walk
Name: _______________________________________________ Class Period: ______
As you look at the product posters of your fellow Egyptians, you will be looking for the
following:
Locate and describe a unique
use of a resource:
Poster # ______
Locate a product that
requires resources from
outside of Egypt:
Poster # _______
Locate a product that is
dependent on the weather for
the producer to be successful.
What is the reason?
Poster #________
Locate a poster you feel is very
well designed and easy to
read. Explain why.
Poster # _______
Find a poster with a product
similar to your product.
What additional information
did this person provide which
you didn’t consider.
Poster # _______
Which poster do you feel has
the most information on their
product and how it is
produced?
Poster # ______
Which poster do you feel was
both easy to read and had
excellent information.
Poster #_______
Which poster had the best
product sample? Why?
Poster # ______
If you could have changed the
way you did your poster,
which style would you have
modeled yours after? Why?
Poster # _____