Economics Unit
Chapter 10: Economics Close to Home
Chapter 11: The Atlantic Economy
Chapter 12: Our Economic Outlook
Chapter 10: Economics Close to
Home
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1. What is economics? p. 141
2. a.) What is scarcity in economic terms?
b.) What are the 2 types of scarce things? p.
141
3.a) Explain the idea of opportunity cost. p.
142-143
b) What is impulse buying? Explain and give an
example of your own.
Chapter 10 continued
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The Law of Supply and Demand
Read pages 144-145.
1. How do we create demand?
2. What is supply?
3. What is an economic good or service?
The Hidden Market
1. Define hidden market.
2. What is the substitution effect?
Chapter 11: The Atlantic Economy
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Assignments:
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. 157
Chapter 11 con’t
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3. a) What 2 features define the new
economy?
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.
Sectors of Industry Project
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Each group will be assigned a topic from the
following list:
Primary Industry- fishing + aquaculture
Primary Industry-agriculture
Primary Industry- mining
Primary Industry-forestry
Secondary Industry
Tertiary Industry
Quaternary Industry
Follow the instructions on the separate sheet to
complete the project.
Chapter 12: Our Economic
Outlook
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1. Read the story of Sabian Cymbals pp.179182. 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?
(you may do another product check with me)
Chapter 12 con’t
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3. Vocabulary:
transfer payments, regional disparity,
seasonal employment, outmigration
2.What do we mean by quality of life?
3. What criteria does the UN use to
measure quality of life? p.183
4. What impact will the aging population
have on our economy? P. 186
Focus on an Issue
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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 paragraph to explain your
feelings about free trade- is it good for
Canada? +/-
Test Outline
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1. Fill in the blanks: vocabulary from
chapters 10-12
2.Short answers/charts:
Goods and Services
Law of Supply and Demand/consumers and
producers
Sectors of Industry/examples
New vs. Old Economy
Free trade
Test Outline con’t
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3. Mini essay:
Quality of life
Sabian Cymbals
Opportunity cost/wants and needs
Atlantic Canadian companies in the
global community
Employment opportunities and the aging
population