United States

EconomyReview

What are “goods”?Can you think of a good you have bought?

What is a service?

Can you name a person who provides a service?

What is a producer?

What is a consumer?

How do producers and consumers affect each other?

Some jobs can be both consumers and producers. Can you name a job and

describe how they are both a consumer and a

producer?

Can you explain what an import is?

Can you explain what an export is?

How do imports and exports help the United

States economy?

What is supply and demand?

How do the affect each other?

Can you give an example?

Hint: Low Demand/ High SupplyHigh Demand/ Low Supply

Explain how supply and demand affects

prices.

Can you name

different pieces of

technology you see?

What Industry is shown above? What jobs may be found within this industry?

Can you explain the division of labor within

an industry?

Can you think of an industry with a division of labor?

Can you name a major way that imports and exports are transported into and out of the United States?

Where are many United States ports located and why is the location important to the United States economy?

How do ports help the U.S economy?

How have ports impacted the USA’s economy and

trade?