West Virginia Economy

Hello over the next few days you will learn about the economics of West Virginia.  You will demonstrate an understanding of economic terms and concepts, including scarcity and choice, productivity, markets and prices, supply and demand, competition, role of government, international trade factors, and consumer decisions in a global economy.  Analyze economic principles, whole economies and the interactions between different types of economies.  Investigate economic principles and their application to historical situations.  Work cooperatively and individually to analyze how basic economic principles affect their daily lives.  Become financially responsible by examining the consequences of and practicing personal financial decision-making. 

During your visit you will be asked several questions from the various websites.  You must answer these questions in complete sentences on a separate sheet of paper.

Answer each of the questions in complete sentences.  Make sure you keep up with your paper as it will take several days to complete the quest.  Answers must be done in complete sentences, and turned in.

Quest 1:  Watch this video on Economics and answer the questions below.

https://m.youtube.com/watch?v=3ez10ADR_gM

1.  What is Economics?

2.  What are the two most important assumptions of economics?

3.  What is Macroeconomics?

4.  What is Microecnomics?

Quest 2:  Watch this video on Economics and answer the questions below\

https://m.youtube.com/watch?v=NI9TLDIPVcs

1.  Describe job specialization in your own words.

2.  In your own words describe comparative advantage.

Quest 3:  Watch the following video answer the questions below.

https://m.youtube.com/watch?v=g9aDizJpd_s

1.  What determines where resources should go in a economic system?

2.  What is the law of demand, explain it in your own words.

3.  Ulitmately economics is about what?

Quest 4 :  Visit the following link and learn about WV's Economy.  Answer the questions that follow as you look through the information.

http://www.netstate.com/economy/wv_economy.htm

1.  What is WV's number 1 livestock commodity.  What percentage of WV's agricultural income does it make up?

2. What percentage of WV's agriculture income is from livestock and how much is from crops?

3.  What are the top 3 manufactured items in WV?  (list them in order of the most to the least).

4.  How much of WV's mining income is derived from coal?  What makes up the rest of WV's mining income?

 

 

 

Each question is worth 10 point for completion in complete sentences.  Points will be deducted for incomplete sentences or work.

The webquest is a great tool to utilize to study for the test.  It is important you keep up with as the quest will serve as notes.