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SAMPLE ECONOMIC STATEMENTS GIVEN BY PREVIOUS STUDENTS

Ch1: Scarcity

Economic Stmt based on personal life:

Scarcity created by the oil suppliers is affecting the price of the fuel for which I put in my car. The price increase has also adversely affected the prices that I pay at the grocery store. This increase has also increased the prices that my employer must charge for goods and services.

Economic Stmt based on society:

Inflation will cause our nation to be faced with scarcity, as we cope with this problem our nation will be forced to make choices. Wholesale inflation is at an alarming high, which will cause businesses to be faced with scarcity.

[Obviously, the articles chosen by these two students were about oil and the effects of inflation on the wholesalers respectively; however, they did not summarize the article.  They used the knowledge gained from the article to make an economic statement.]

JOURNAL RESOURCE

LINKS

Template- Content Page

Template- Economic Statement Page

Template - Graph Page

SAMPLE  Supply/Demand Graph Page

SAMPLE  AS/AD Graph Page

SAMPLE Economic Statements

Quotes from past students (taken from journal summaries) 

These are NOT Economic Stmts:

This article discussed the fall in recent unemployment claims. According to this article, unemployment has fallen 18,000 in latest weeks. Our book mentions unemployment is determined by the self-interest of employers and workers.

This article is economically related to supply and demand. The General Motors Co is closing vehicle factories that make SUV’s and pickup trucks due to the lack of demand for these vehicles. Instead the company is focused on making smaller, more gas-efficient vehicles.