P.E.E.L. Gif - Proactive Engaged Electronic Learning GIF
ECONOMICS & GOV. REVIEW
-LAW OF SUPPLY & DEMAND
1. If you have a lot of something and few people want it, the price will be
______.
2. If you have a little bit of something and a lot of people want it, the price
will be _______.
3. The price at which demand equals supply is called the ______________
______ or ___________ ____________ ______.
-GOVERNMENTS
4. DEMOCRACY with a DEMAND ECONOMY allows private ownership of _________ and
has _______________ freedoms. (The U.S.)
5. What kind of Government Discourages private ownership of property and has NO
Constitutional Freedoms? ______________ (China, North Korea, Vietnam, &
Cuba.)
6. Nazi Germany and Fascist Italy of the 1930’s are examples of what type of
Government? ____________ (No Constitutional Freedoms but allowed private
ownership of property.)
7. What type of Government has Constitutional Freedoms but discourages private
ownership of property (small businesses are allowed but the utilities,
railroads, etc. are owned by the government). ______________
8. “It’s usually cheaper per ounce (or unit of measure) to produce or buy a
larger quantity of something than a smaller amount of something.” This is
called _____________ ____ ___________.
9. When the Law of Supply and Demand helps to determine what is produced and
the price paid, it is called a ___________ Economy.
10. A ____________ Economy is where the Government commands what is produced
and the price that will be paid.
11. Before buying, ask yourself “Is it a need or a __________?” and “Is
it a good _______?”
12. “AVOID impulse spending and the Caesar Complex (I see, I want, I’ll
________).” _______________ _______ is what you give up when you choose to
spend your TIME or MONEY on one thing instead of something else. CHOOSE WISELY!
Illinois Assessment Frameworks 15.8.01, 15.8.05, 15.8.07 & 15.8.10
