Study Guide Homework: 9/6/16On lined paper, define the following terms following the model below.

Terms to define on a separate sheet of paper (front and back are okay): Economic system Standard of living Market Specialization Household Firm Profit

Laissez faire Incentive Free enterprise Interest group Competition Socialism Communism

Welfare Gross Domestic

Product Public good Market failure Free rider

Homework: 9/7/16 p. 27 (#1-2, 5, 8)

*What is an economic system?

*How do a traditional economy, market economy, command economy and a mixed economy differ?

Write the definitions in each box below.Traditional Economy Market Economy Command Economy Mixed Economy

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Study Guide

*Provide examples of a traditional, command and market economic system in the boxes below.Traditional Economy Command Economy Market Economy

*You and your friends decide to earn money by washing cars. What three economic questions are answered in this market?

p. 32 (#3-5)*What is profit?

*What are the roles of households and firms in a market economy?Roles

households

firms

*How does competition among firms benefit consumers?

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Study Guide Homework 9/8/16

Type of Economic System: ____________________________________________________Pages in textbook: _____________________________________________________________________________

Questions Answers ✓ if _________________ economy is similar to your system.

Who decides how resources will be allocated?

Who owns the factors of production?

Who determines what goods and services will be produced?

Who determines prices?

How is income distributed?

Must all members contribute equally?

What social benefits does the system supply?

What is the role of government in the economy?

Which countries have a similar economy?

Summarize the structure of your economy in your own words:

Which economic system would you prefer to have? Explain.

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Study Guide Homework 9/9/16 p. 38 (#1-2)

*How do socialism and communism differ? Write the definitions below and provide an example.Term DefinitionSocialism

Communism

*What characterizes and authoritarian government?

p. 44 (#1-2)*What is laissez faire?

*Why have some nations begun a transition to free enterprise?

Homework 9/12/16p. 55 (#1,3)

*Define each term and explain the importance of the following terms in the US free enterprise system:Term Definition The importance of having it in the US

free enterprise system isProfit motive

Voluntary exchange

Private property rights

Competition

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Study Guide *What constitutional guarantees underlie the American free enterprise system?

*Explain at least three benefits of the free enterprise system.

p. 60 (#2-5)*How does Gross Domestic Product (GDP) provide a means to analyze economic growth?

*What does GDP tell economists about business cycles?

*Give one example of a new technology that has resulted in greater productivity for the United States.

*How do patents and copyrights promote innovation?

*How does innovation help the economy?

Homework 9/14/16p. 66 (#2-3)*Why is a free rider a type of market failure?

*What is the difference between the public sector and the private sector?

Public sector

Private sector

p. 70 (#1-2, 4)*How does welfare attempt to raise poor people’s standard of living?

*Why does poverty exist in a free market economy?

*How is Social Security an example of income redistribution?

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Study Guide Name of the program:

Presenter Names:

What is the purpose of the program?

**GIVE BACKGROUND!!! What is the program? DETAILS!!!!!

Who does the program serve?

Where is the program available? All 50 states? Just CA?

Where can people in the community get information or receive support for this program?

When was the program created? For how long has it been around?

Why is this program important to have today?

Costs? Are any cost involved? How much does the average person pay for this program? Or is there no cost?

Opinion:Do you agree/disagree with this program being available to the public? Explain.

Do you feel members of our community are informed about this program? If yes, how so? If not, what can be done to increase awareness?

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Study Guide

After hearing about the different programs made available to the public, explain which program you feel is the most beneficial to members in your community. Explain in your own words what the program provides and why it would greatly benefit members of your community. Use evidence from the presentations in your explanation.

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