Unit 3 Study Guide Review Section 1 Matching

Unit 3 Study Guide Review

Section 1: Matching

§Places taxes on imports 1) Tariff: D

§ Organization that controls supply and price of oil 2) OPEC: K

§ Stops trade 3) Embargo: B

§ Extremely skilled in one area 4) Specialization: F

§ Limits the amount of exports 5) Quota: E

§ Percentage of people who can read and write 6) Literacy Rate: J

§ Spending money in hopes to make more money 7) Investment: C

§ Cased by run off, industrial waste, human garbage 8) Water Pollution: G

§ Causes unequal water distribution 9) Damming: H

§ Fertile land turning to desert due to lack of water 10) Desertification: I

§ Person who opens business 11) Entrepreneur: A

Section 2: Resources Wanna Be a Genius, Economic Terms

DEFINITION: TOOLS 1) Machines 2) Computers 12) Definition of capital goods- 3 examples: 3) Factory equipment

§ DEFINITION: HUMAN KNOWLEDGE AND SKILL 1)Doctors 2)Construction workers 13) Definition of Human Capital 3 examples 3)Lawyers

§ DEFINITION: THINGS FOUND NATURALLY THAT HUMANS CAN USE 1) Gold 2) Oil 14) Definition of Natural Resource 3 examples 3) Diamonds

§ Private § Entrepreneur § Supply/demand 15) Quick description of free market (list market words) § profit

§ Government owned § Centralized 16) Quick description of command (list command words)

Section 3: Investment Wanna Be a Genius

§ GDP increases 17) What happens to GDP when you invest in human capital and capital goods?

§ Training classes § School 18) Give 2 examples of ways to invest in human capital.

§ Buying new machines § Bigger facility 19) Give 2 examples of ways to invest in capital goods.

Section 4: Sepcialization Graphic Organizer

§ Being the best in one thing 20) Definition of specialization:

§ More money § Encourages trade 21) Why do countries specialize? (List 2 reasons)

§ Diamonds 22) Israel specializes in:

§ Oil 22) Saudi Arabia specializes in:

Section 5: Continuum- Market v. Command Economic Terms

Command A B C 23) Does country A have more private ownership or government ownership of business? -More government Continuum 24) Does Country C have more private ownership or government ownership of business? More private 25) Which of these countries has the most entrepreneurs? C 26) Which country has more private ownership of business than country B? C Market

Section 6: OPEC & Trade Barriers

§ Controls the supply and price of oil 27) How does OPEC impact the world economy?

§ Embargo 28) Which trade barrier would be best to use for a punishment?

§ Tariff 29) Which trade barrier would be best to use to help encourage people to buy domestic (your country’s) goods?

§ Quota 30) Which trade barrier does OPEC use to control its prices? *They have also used embargo in the past, which we have talked about. But when you control supply, you control the quota (amount) that you let in.

Section 7: Water Issues

1)Irrigation 2)Drinking water 3)Hydroelectricity *Think about if you were on the Captain Hook side of the Jat. NP episode we watched. 31) List 3 positives of damming.

1)Desertification 2)Salinization 3)Conflict with other countries 32) List 3 negatives of damming.

1)Industrial pollution 2)Human pollution 3)Chemical run-off 33) List 3 causes of water pollution

Section 8: Definitions

§ Soil getting salty *This would ruin the soil, right? If you “salt the earth” you kill it. This would ruin farmable land. Salinization

§ Soil turns to desert Desertification

§ Fertilizers made from oil Petrochemicals

§ Taking salt out of water *Prefix “de-” means to “from. ” In this case, taking salt FROM or out of the water. Desalinization

§ Chemical pollution from industries. § It is toxic Industrial Pollution