Chapter 3 Political and Economic Analysis

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1 Graphic Organizer Answer Key Section 3.1 What Is an Economy? Graphic Organizer Answer Directions In this diagram, record similarities and differences among market and command economies. Market Economy Consumers decide what will be produced by their purchases, businesses decide how, possession of money decides who makes purchases Both Market and Command Economies Limited by economic resources land, labor, capital, entrepreneurship Command Economy Government decides what to produce, how to produce, who gets that which is produced 24 Graphic Organizer Answer Key Marketing Essentials Fast Files

2 Section 3.2 Understanding the Economy Graphic Organizer Answer Graphic Organizer Answer Key Directions Use this figure to identify the key economic measurements. Unemployment Rate Standard of Living Gross Domestic Product (GDP) Inflation Rate Economic Measurements Labor Productivity Graphic Organizer Answer Key Marketing Essentials Fast Files 25

3 The Three Economic Questions Directions Use this graphic organizer to review the three economic questions. What? How? For whom? Consumers decide what will be produced Businesses decide how to produce People with the resources to buy 13

4 Political and Economic Philosophies Directions Use this graphic organizer to list the characteristics of Capitalism, Communism, and Socialism. Political and Economic Philosophies Capitalism Communism Socialism marketplace competition private ownership of business successful employers and employees prosper some social services some government regulations usually authoritarian controls factors of production assigned jobs goods given according to need no fi nancial incentive to increase productivity more government involvement in economy and social services tax rates high government may run key industries government makes many economic decisions 14

5 Two Economic Resources Directions Use this graphic organizer to compare Labor and Entrepreneurship. requires people refers to work Labor Entrepreneurship requires people refers to skills workforce is economic resource ideas are economic resource 15

6 Goals of a Healthy Economy Directions Use this graphic organizer to define the three goals of a healthy economy. Goals of a Healthy Economy Increase Productivity Decrease Unemployment Maintain Stable Prices Government and business analyze labor productivity, GDP, GNP Government analyzes unemployment and standard of living Government monitors inflation, CPI, PPI 16

7 Types of Goods and Services Directions Use this graphic organizer to list examples of the three types of goods and services that make up the GDP. Private Investment Examples: home construction, business spending on items such as equipment and software Government Spending Examples: federal expenditures on social programs, defense, state expenditures on infrastructure, parks Personal Spending Examples: goods and services for personal use 17

8 Price Indexes Directions Use this graphic organizer to compare the Consumer Price Index (CPI) and the Producer Price Index (PPI). Consumer Price Index (CPI) measures changes in prices of retail goods and services Both measure inflation and changes in prices over a period of time Producer Price Index (PPI) measures wholesale price levels 18

9 Factors Affecting the Business Cycle Directions Use this graphic organizer to examine factors affecting the business cycle. Factors Affecting the Business Cycle Factor How Can this Factor Affect the Business Cycle? How Can the Business Cycle Affect this Factor? Businesses Consumers Government Businesses tend to expand operations during a recovery phase, hastening economic improvement. Decreases in consumer spending can lead to recession. The government might issue rebates to spur spending and encourage economic expansion. Being in a recession can lead to reduced consumer spending resulting in a reduction in sales. Consumers might fi nd wages increasing during recovery or expansion. In a recession, tax income might be reduced, forcing government to examine expenditures. 19

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