Economics Unit i Student Packet1

Unit I: Economic FundamentalsChapters 1-3

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Unit IFundamental Economic Concepts

SSEF1 The student will explain why limited productive resources and unlimited wants result in scarcity, opportunity costs, and tradeoffs for individuals, businesses, and governments.

a. Define scarcity as a basic condition that exists when unlimited wants exceed limited productive resources. b. Define and give examples of productive resources (e.g., land (natural), labor (human), capital (capital goods),

entrepreneurship). c. List a variety of strategies for allocating scarce resources. d. Define opportunity cost as the next best alternative given up when individuals, businesses, and governments confront scarcity

by making choices.

SSEF2 The student will give examples of how rational decision making entails comparing the marginal benefits and the marginal costs of an action.

a. Illustrate by means of a production possibilities curve the trade-offs between two options. b. Explain that rational decisions occur when the marginal benefits of an action equal or exceed the marginal costs.

SSEF3 The student will explain how specialization and voluntary exchange between buyers and sellers increase the satisfaction of both parties.

a. Give examples of how individuals and businesses specialize. b. Explain that both parties gain as a result of voluntary, non-fraudulent exchange.

SSEF4 The student will compare and contrast different economic systems and explain how they answer the three basic economic questions of what to produce, how to produce, and for whom to produce.

a. Compare command, market, and mixed economic systems with regard to private ownership, profit motive, consumer sovereignty, competition, and government regulation.

b. Evaluate how well each type of system answers the three economic questions and meets the broad social and economic goals of freedom, security, equity, growth, efficiency, and stability.

SSEF5 The student will describe the roles of government in a market economy. a. Explain why government provides public goods and services, redistributes income, protects property rights, and resolves

market failures. b. Give examples of government regulation and deregulation and their effects on consumers and producers.

SSEF6 The student will explain how productivity, economic growth, and future standards of living are influenced by investment in factories, machinery, new technology, and the health, education, and training of people.

a. Define productivity as the relationship of inputs to outputs. b. Give illustrations of investment in equipment and technology and explain their relationship to economic growth. c. Give examples of how investment in education can lead to a higher standard of living.

SSEMI1 The student will describe how households, businesses, and governments are interdependent and interact through flows of goods, services, and money. a. Illustrate by means of a circular flow diagram, the Product market; the Resource market; the real flow of goods and services

between and among businesses, households, and government; and the flow of money. b. Explain the role of money and how it facilitates exchange.

Unit I: Fundamental ConceptsChapter StandardsChapter 1 EF1a,b,d EF2a,bChapter 2 EF3a, EF4a,b, EMI1aChapter 3 EF3b, EF4a, EF5a, EF6a,b,c

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Standards Update Sheet

Name:________________________________Class:_______________Instructor:___________________

+ mastery - needs improvement

Standard Activity Activity Activity Activity Activity Activity Activity Activity Activity

SSEF1aSSEF1bSSEF1c

SSEF1d

SSEF2a

SSEF2b

SSEF3a

SSEF3b

SSEF4a

SSEF4b

SSEF5a

SSEF5b

SSEF5c

SSEF6a

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SSEF6c

SSEMI1a

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Chapter 1.1: Scarcity, Factors of Production, Opportunity Cost, PPC,Chapter 1.1: Scarcity, Factors of Production, Opportunity Cost, PPC, SSEF1 The student will explain why limited productive resources and unlimited wants result in scarcity, opportunity costs, and tradeoffs for individuals, businesses, and governments.

a. Define scarcity as a basic condition that exists when unlimited wants exceed limited productive resources. Essential Question: How do limited productive resources and unlimited wants result in scarcity?Activating Strategy:Frayer Model VocabularyTeaching Strategies:Cloze Notes, Graphic OrganizerSummarizing Strategy:Ch. 1.1 Study Guide and Quiz

Written Response Area:

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Unit 1: Fundamental Economic ConceptsUnit 1: Fundamental Economic Concepts

Chapter 1.1: Scarcity, Factors of Production, Opportunity Cost, PPC,Chapter 1.1: Scarcity, Factors of Production, Opportunity Cost, PPC,Definition Describe Definition Describe Definition Describe

I think Draw I think Draw I think Draw

Definition Describe Definition Describe Definition Describe




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Definition Describe Definition Describe

I think Draw I think Draw

During the holiday season of 1996, a children's toy appeared on Good Morning America. The toy, produced by Mattel, had sat on the shelves with very little sales until it appeared on the show. After the toys appearance, its popularity improved and it became the most sought after product of the holiday season. Unfortunately, Mattel did not anticipate the doll’s popularity, only producing 400,000 units, and were not able provide the product in a timely manner at the store level (over 1,000,000 were in demand).

List the problem that each of the following faced:o The Consumers (You and I) __________________________________________________________________o The Producer (Mattel) ______________________________________________________________________o The Stores (Babies R Us) ____________________________________________________________________

Scarcity – is the fundamental problem facing Scarcity – is the fundamental problem facing ____________________________________________________________________________________________________________________

__________________________________________________________________________________________________________________________________________________________________________________________ No one can have an_______________________________________________________________________No one can have an_______________________________________________________________________ Scarcity applies to_________________________________________________________________________Scarcity applies to_________________________________________________________________________

e.g. - money, ____________________________, ____________________________,etc.e.g. - money, ____________________________, ____________________________,etc.

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-- Application QuestionApplication Question List three things that you feel are scarce in your life, what has caused them to become scarce?List three things that you feel are scarce in your life, what has caused them to become scarce?

1.1. __________________________________________________________________________________________________________________________________________________________________________2.2. __________________________________________________________________________________________________________________________________________________________________________3.3. __________________________________________________________________________________________________________________________________________________________________________

What is Economics?What is Economics? Economics – the study of Economics – the study of ___________________________how individuals and groups seek to satisfy their

_______________________________________________________________________________________ Needs vs. Wants

Need – a _______________________________________________________________________________ Eg. Food, ________________________________________________________

Want – not a basic requirement __________________________________________, a means of expressing a ____________________

E.g. cheeseburger, __________________________________________________________________ Goods and Services

Good – a _________________________________________________________________________ product i.e. – Automobiles, Video Games, Cell Phones, CD’s, Tickle Me Elmo, etc…

Service – a __________________________________________________________________ that is performed for someone else

i.e – Financial Advisor, Stock Broker, Movies, Dentist, Teachers, etc.. Factors of Production

Factors of Production - resources required to produce____________________________________________ Land _____________________________________________________________________________ Labor_____________________________________________________________________________ Capital__________________________________________________________________________

Physical – also known as __________________________________, human made objects that are used to ______________________________________________________________

Human capital – collective amount of ____________________________________________ and specialized _________________________________________________________

Entrepreneurship___________________________________________________________________

Goods and Services ChartItem Advertised Good/Service Want/Need Market Audience

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Daily Assignment Questions 1. Why is scarcity not a problem that is limited to just the “have-nots”? __________________________________

___________________________________________________________________________________________2. List a good and a service that you have purchased in the past month.

Good ____________________________________ Service ____________________________________________

3. What is something that you have that might be considered a want by other societies? ____________________ Explain why ________________________________________________________________________________

4. Last year, you were trying to make a decision on what kind of car you wanted your parents to buy you for your birthday. You had two choices: 1) 1984, Honda Accord for $2,000, or 2) 2010 fully stocked Infiniti G37 for $52,000. Which one of these would be considered a want, and which one a need and why?____________________________________________________________________________________________________________________________________________________________________________

5. “Hank” works two jobs, one in the morning and one at night. At his morning job he sells furniture at a furniture store. At his night job he works as a computer technician. Which one of his jobs creates a good and which provides a service? Furniture Store _______________________Computer Technician _____________________________

6. Microsoft offers all of their employees the opportunity to attend the local university for a higher education, free of charge. What would be the motivation for investing in human capital? ________________________________________________________________________________________________________________

7. Which factor of production is represented by each of the following? An office building _________________________________________________ An assembly line worker _________________________________________________ A tree used to make paper_________________________________________________ Unused soil_________________________________________________ Oprah Winfrey _________________________________________________

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Chapter 1.2: Scarcity, Factors of Production, Opportunity Cost, PPC,Chapter 1.2: Scarcity, Factors of Production, Opportunity Cost, PPC, SSEF2 The student will give examples of how rational decision making entails comparing the marginal benefits and the marginal costs of an action.

b. Define and give examples of productive resources (e.g., land (natural), labor (human), capital (capital goods), entrepreneurship).

c. List a variety of strategies for allocating scarce resources. d. Define opportunity cost as the next best alternative given up when individuals, businesses, and governments confront scarcity

by making choices. Essential Question:

1. Why does everything you do involve a trade-off and opportunity cost ?2. Why is it important to think at the margin?3. How does the market decide to allocate resources?

Activating Strategy:Frayer Model VocabularyTeaching Strategies:Cloze Notes, Graphic OrganizerSummarizing Strategy:Ch. 1.2 Study Guide and Quiz

1.2: Opportunity CostDefinition Describe Definition Describe Definition Describe


Definition Describe

I think Draw

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How People Make DecisionsChoice Alternative Choices What you would have done if you

didn’t come to class1. Coming to 1. 1.

Economics Class

2.

3.

Trade-off–Trade-off–alternatives that we ______________________________ whenever we choose ___________________________________________________________________________________

We always ________________________________________________________ to get something We always ________________________________________________________ to get something elseelse

“There is no ___________________________________________________________________”“There is no ___________________________________________________________________” Individuals, households and society all face tradeoffsIndividuals, households and society all face tradeoffs

Opportunity Cost – used by economists to __________________________________________; value of the most _________________________________________________________

Next best alternative ___________________________________________________ (Highest- __________________________________ forgone) Individuals and Trade-Offs

______________________________________________________________________________________________________________________________________________________________________________

Businesses and Trade-offs_______________________________________________________________________________________

Society and Trade-offs_______________________________________________________________________________________

Alternatives Criteria

Immediate Long-Term Entertaining Immediate Necessary forSatisfaction Benefits Financial Benefits Long-term

successSleep

Economics

Thinking at the Margin Margin - an edge and the ____________________________________________________; a ________________ Thinking at the margin – analyzing the costs and benefits of ___________________________________________

____________________________________________________________________________________________ Production Possibilities Model – used to graph _________________________________________; shows

alternative __________________________________________________________________________________

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Chapter 1.3: Scarcity, Factors of Production, Opportunity Cost, PPC,Chapter 1.3: Scarcity, Factors of Production, Opportunity Cost, PPC,SSEF2 The student will give examples of how rational decision making entails comparing the marginal benefits and the marginal costs of an action.

b. Define and give examples of productive resources (e.g., land (natural), labor (human), capital (capital goods), entrepreneurship).

c. List a variety of strategies for allocating scarce resources. d. Define opportunity cost as the next best alternative given up when individuals, businesses, and governments confront scarcity

by making choices.Essential Question:

1. What does the PPC show in regards to trade-offs and opportunity costs of an individual, business or society?Activating Strategy:Frayer Model VocabularyTeaching Strategies:Cloze Notes, Graphic OrganizerSummarizing Strategy:Ch. 1.1 Study Guide and Quiz

1.3: Production Possibilities CurveDefinition Describe Definition Describe Definition Describe




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Production Possibilities Curves Production Possibilities Frontier Model – shows combinations

of___________________________________________________________________________________o Used to visually represent_______________________________________________________________

Production Possibilities Curve (PPC) – shows combinations of ______________________________________________________________________________________

Efficiency – using resources in such a way as to _____________________________________________________

o Points ____________________________ Underutilization (Inefficiency) – using fewer resources than an

________________________________________ o Point ________ (Inefficient use of resources)

Growth (future technology) – the change in ability to ________________________________, reflects a ________________________________________________________

New __________________________________________ (usually as a result of new technology)

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Daily Assignment Questions Ch. 1 Sec. 2 Page 8 – 11 1. Write one example, of your own, of how individuals, businesses and societies make tradeoffs.

Individuals ___________________________________________________________________________

Businesses ___________________________________________________________________________

Society ______________________________________________________________________________

2. Why is opportunity cost not the cost of every available alternative of a decision? _____________________________________________________________________________________________________________________

3. What were Karen’s two alternatives in figure 1.2. ___________________________________________________4. What did Karen ultimately give up by sleeping late/waking up early to study for the test? ___________________5. In figure 1.3, at what point does the added benefit of study time not increase as much? ____________________6. What does it say Karen should think about when making a decision at the margin? ________________________

___________________________________________________________________________________________7. How does comparing the cost and benefit at the margin help make us a better decision maker?

___________________________________________________________________________________________8. Suppose that you can save $50 by buying your car in a different city. If the trip requires only $10 dollars in

gasoline, is the trip worthwhile? Why or why not? _____________________________________________________________________________________________________________________________________

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Good AGood A Good BGood B

00 1212

11 1010

22 88

33 66

44 44

55 22

66 00

9. Determine an opportunity cost for each of the following: a) Eating a pizza ______________________________________________________________________________b) Going to see a movie after school______________________________________________________________c) Working an after school job___________________________________________________________________d) Reading your economics book until you go to sleep tonight _________________________________________

Review - Guns or Butter PPF Application Questions1. How many guns can be produced when no butter is produced? ____________ 2. The opportunity cost of increasing the production of Butter from 0 to 30 units is ________ units of Guns. 3. What would it say about this society if the production decision was to produce at the (45, 20) point; assuming

that it takes 30 units of butter to provide basic foodstuffs to society and 40 units of Guns to protect their society?_____________________________________________________________________________________

Answer the following questions based on the model above:1. What do the points along the curve represent? ____________________________________________________ 2. What does the point at letter a represent? ________________________________________________________ 3. Why is letter b currently unattainable; what could allow this society to reach letter b? _____________________

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Study GuideStudy GuideChapter 1 – What is Economics?

Section 1 – Scarcity and the Science of Economics1. ____________________________ is the fundamental problem of economics, that people have unlimited wants

but limited resources to satisfy those wants.2. Why can we argue that scarcity affects both the rich and the poor?

___________________________________________________________________________________________3. Economics is the

________________________________________________________________________________4. Explain the difference between a need and a want

___________________________________________________________________________________________5. Explain the difference between a good and a service and provide an example of

each________________________________________________________________________________________6. The Factors of Production are resources required to

___________________________________________________7. Provide an example of each of the Factors of Production:

a. Land ___________________________________________________________________________________

b. Labor __________________________________________________________________________________

c. Capital _________________________________________________________________________________

d. Entrepreneur__________________________________________________________________________

8. Explain the difference between physical and human capital ___________________________________________________________________________________________

Section 2 – Opportunity Cost9. Why do decisions involve tradeoffs?

________________________________________________________________10. ___________________________________ cost is the most desirable alternative given up as the result of a

decision.11. Explain why “there is no such thing as a free lunch” _________________________________________

___________________________________________________________________________________________12. How is thinking at the margin helpful?

______________________________________________________________13. Apple’s decision to produce less of the iPod , but more of the iPhone represents a _____________________

tradeoff.14. North Korea’s decision to neglect the health of their citizens to build up their military is an example of a

___________________________ tradeoff.15. The decision to come to economics class or to sleep in is a _____________________________ tradeoff.16. One method of comparing the cost of an action to the benefit received is a

_________________________________

17. What does the production possibilities curve show? __________________________________________________

18. Give an example of how the production possibilities frontier can grow (shift to the right)

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19. Give an example of how of underutilization of resources might occur

20. Illustrate by means of a production possibilities curve the trade-offs between two options.a. Label your curve PPF

Possibility Guns Buttera 0 15b 1 14c 2 12d 3 9e 4 5f 5 0

a) Why is the PPF curved when charted on a graph?

b) How many guns can you produce if you produce no butter? _________________c) How much butter do you produce when you produce no guns? _________________d) How many guns do you give up if you produce 12 butter? ________________e) How much butter do you give up if you produce 4 guns? ________________f) Any point inside the PPF line indicates the ______________________________ of resources, whereas any point

outside the line indicates _________________________ in the production possibilities frontier.

END OF CHAPTER 1

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0

15

Butter

Guns

Chapter 2: Economic SystemsChapter 2: Economic SystemsSSEF4 The student will compare and contrast different economic systems and explain how they answer the three basic economic questions of what to produce, how to produce, and for whom to produce.



Essential Question: 1. How do the four economic systems answer the four basic Economic questions?2. What comparisons can be made about the four economic systems?

Activating Strategy:W.R. Speculate how each economic system would regulate their economy.Teaching Strategies:Cloze Notes, Graphic OrganizerSummarizing Strategy:Ch. 2.1 Daily Assignment Questions and Study Guide.


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Chapter 2 – Economic SystemsSection 1 – Answering the Four Economic Questions

Economic system – is the method used by society to ________________________________________________

The Four Key Economic Questions are o What and How Much____________________________________________________________________o Who ____________________________________________________________________________o How ____________________________________________________________________________o For Whom _______________________________________________________________________

Four Types of economic systems1. Traditional Economy – relies on __________________________________________________

to decide the three economic questions.2. Market Economy – economic decisions are made by

____________________________________ and are based on _________________________3. Command Economies – in a centrally planned economy the

____________________________________ alone decides how to answer the three economic questions.

4. Mixed Economy – most modern economies are mixed economies, ________________________ - based economic systems in which the government ____________________________________

Using the Chart Below, describe each of the Economic Goals and Societal Values. Then provide a real-life example of each.Economic Goal and Societal Value

Summary Example

1. Economic Efficiency

2. Economic Freedom

3. Economic Security and Predictability

4. Economic Equity

5. Economic Growth and Innovation

6. Other Goals

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Review Economic GoalsSituation Economic Goal

1. Last week I willingly enrolled in college courses at Coastal. I am so happy that I make my decisions about my future.

2. My uncle lost his job, but thankfully he is able to receive unemployment checks.

3. Wal-Mart recently upgraded all of their registers to touch screen monitors.

4. General Motors replaced all of their human workers with robots in order to increase productivity.

5. As a result of the internet and technology, our economy has experienced significant expansion over the past 30 years.

6. I can always expect Publix to have the food I like!

7. Hopefully in the future we will have full employment.

8. With every degree/skill I earn, I improve my ability to make money

Daily Assignment Chapter 2 Section 1 – pgs. 26-27 1. How does a traditional economy answer the three economic questions?

2. Describe traditional economies and their communities.

3. What is a disadvantage to a traditional economy?

4. How are the three economic questions answered in a market economy?

5. What are other names for market economies?

6. How are the three economic questions answered in a command economy?

7. Why are they referred to as command economies?

8. Why are most modern economies referred to as mixed economies?

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Chapter 2: Economic SystemsChapter 2: Economic SystemsSSEMI1 The student will describe how households, businesses, and governments are interdependent and interact through flows of goods, services, and money. c. Illustrate by means of a circular flow diagram, the Product market; the Resource market; the real flow of goods and services

between and among businesses, households, and government; and the flow of money.

Essential Question: 1. How can you track the flow of goods and services using the Circular Flow Model?

Activating Strategy:Walmart activityTeaching Strategies:Cloze Notes, Graphic OrganizerSummarizing Strategy:Ch. 2.2 Daily Assignment Questions and Study Guide.

Section 2 – The Free Market Imagine that you are walking into Walmart. List 3 items that you could purchase and the departments that you

would find them in.Item Department

Market – buyers and sellers ____________________________________________________________________ Market Economy – economic decisions, __________________________________________________________

are made by __________________________ and _________________________________based on exchange of _______________________________________________________

Capitalism (free enterprise) – Individuals and businesses own the ______________________________________ and can profit on them

Specialization – the separation of _________________________________________________; people focus on a ______________________________________________________

Division of Labor – workers perform ____________________________________________________ in order to ____________________________________________________

Household – ________________________________________________________________ living in a residenceo Consumers - use the _____________________________________________ to satisfy wants and needs

Firm – _____________________________________________ that uses resources to ___________________________________________, which it then sells

o Suppliers – transform “________________________” (F.O.P.) into “__________________________” (consumer products)

Product Markets – _______________________________________________ interact; producers sell their ________________________________________________________

o Households are ____________________________________ of goods and serviceso Firms are _____________________________________ of goods and services

Factor Markets – the markets where productive resources (F.O.P) are bought and sold

o Labor - Firms (businesses) _________________________________________________________o Land - _________________________________________________________ lando Capital - Use money from ____________________________________________

(_______________________, investment, etc) to purchase _____________________________________

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Circular Flow Model - shows the flow of _________________________ and ____________________________ from and to _________________________and _________________________

Application Question1. In the factor market, what do businesses provide households? __________________________________2. The flow of goods and services in the product market is represented by which firm and products on the

model below? ______________________________________________3. When you apply for a job at the local Starbucks which market are you in? _________________________4. Which color arrows represent the flow of money; what color arrows represent the flow of inputs and

outputs. __________________________________

Competition Article1. Do you agree with Vincent Lombardi’s assertion that people are born with the desire to compete why or why

not? ________________________________________________________________________________________________________________________________________________________________________

2. What areas do you see competition in the economy of the United States ? ___________________________________________________________________________________________________________________

3. How is competition beneficial to our economy/society? ___________________________________________4. How is it harmful to our economy/society? _____________________________________________________

Competition – efforts among _________________________________________ to attract consumers at various prices

o At the heart of ________________________________________ Incentive – an expectation that __________________________________________________________________

(positive and negative) Businesses respond to __________________________________ Consumers respond to __________________________________

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Essential Question: 1. How are the four basic economic questions answered according to a Centrally Planned Economy?

Activating Strategy:North Korea Video and Written Response. http://www.youtube.com/watch?feature=player_detailpage&v=wM1sKwW_Ogk Teaching Strategies:Cloze Notes, Graphic OrganizerSummarizing Strategy:Ch. 2.3 Daily Assignment Questions and Study Guide.

Section 3 – Centrally Planned Economies Command – ____________________________________________________________ the Factors of Production Centrally Planned Economy – central government answers the

______________________________________________; ________________ to produce, ________________to produce, and ________________to produce

o Oppose _________________________, free market pricing, economic ___________________

Socialism and Communism

Karl Marx – German ___________________________________________ that studied ______________________________________ in Europeo Communist Manifesto – written by Marx and

__________________________________________ became basis for modern-day __________________________________________

o Thought capitalism would fail because it

__________________________________________________________o Believed in a ___________________________system, where all share in

_____________________________________o Socialism – distribution of __________________________________________ equally amongst

society o Communism – political and economic system with

____________________________________________o Authoritarian Government – exact _________________________________________from their

citizens; do not allow __________________________________________

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http://www.youtube.com/watch?feature=player_detailpage&v=wM1sKwW_Ogk

Chapter 2 Section 3 – Daily Assignment Questions “The Former Soviet Union”, pgs. 36-38How did the Soviet arise?

1. Where did Soviet planners allocate the factors of production?

2. How did the Soviet Union control agriculture?

3. What three industries did Soviet Planners favor?

4. How did the Soviet Union view entrepreneurial endeavors?

5. What was the quote used by Soviet consumers as a joke?

6. Why were Soviet Consumers’ left unsatisfied?

Page 39 – Russia in Crisis7. How did many Russians initially respond to the Communist collapse?

8. What happened over the next decade?

9. How did Russia deal with corruption?

10. What were some characteristics of Russia’s financial problems?

11. What evidence can be seen that success is in sight?

Chapter 2 Section 2 – Daily Assignment: Economic Profile Adam Smith pgs. 33

1. What was Adam Smith’s ethnic and professional background?

2. What was the name of the book that he published; when was it published?

3. What did Smith identify in the book?

4. What did he assert about specialization and division of labor?

5. What did he believe about the role of government in the economy?

6. Define the French term Laissez Faire; why did Smith believe in Laissez-Faire economics?

7. What is meant by his metaphor of the Invisible Hand?

8. How do both consumers and businesses benefit from this philosophy?

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c. Compare command, market, and mixed economic systems with regard to private ownership, profit motive, consumer sovereignty, competition, and government regulation.

d. Evaluate how well each type of system answers the three economic questions and meets the broad social and economic goals of freedom, security, equity, growth, efficiency, and stability.

Essential Question: 2. How are the four basic economic questions answered according to a Centrally Planned Economy?

Activating Strategy:Modern America video: 33:20 http://www.youtube.com/watch?feature=player_detailpage&v=hET-zSJDbgA#t=2003 Teaching Strategies:Cloze Notes, Graphic OrganizerSummarizing Strategy:Ch. 2.4 Daily Assignment Questions and Study Guide.

Section 4 – Modern Economies

Free Enterprise – __________________________in the marketplace is allowed to flourish with _______________________________________________________________________________

Modified Free Enterprise (mixed economy) – businesses are free to compete with ____________________________________________________________________________________________________________________

Laissez Faire in a Modern Economy Laissez Faire – no _____________________________________________________________________________ History has shown that _______________________________________________________ is necessary in the

economy; some needs are ______________________________________________________________________o National defense, __________________________, ___________________________________, etco Government acts a ____________________________________________________________________

of the economyGovernment Revenue

Taxes from both ________________________and __________________________o Federal ________________________, state_________________________, social security,

___________________________/Medicaid, ______________________________________, etc.Government in the Factor Market

Government purchases _________________________, __________________________, and ________________________________ from households

o US government pays _____________ employees, _______________ billion for labor

Government in the Factor Market Government purchases _________________________, __________________________, from

________________________________ o Buildings, ___________________________, telephones, ___________________________, etc.

END OF CHAPTER 2

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http://www.youtube.com/watch?feature=player_detailpage&v=hET-zSJDbgA#t=2003

Chapter 3: The American Free Enterprise System, 3.1: Free EnterpriseSSEF3 The student will explain how specialization and voluntary exchange between buyers and sellers increase the satisfaction of both parties.


SSEF5 The student will describe the roles of government in a market economy. b.Give examples of government regulation and deregulation and their effects on consumers and producers.

Essential Question: 1. What is the origin of the American Free Enterprise System?2. How does the American Free Enterprise System work effectively?

Activating Strategy:Modern America video: 33:20 http://www.youtube.com/watch?feature=player_detailpage&v=hET-zSJDbgA#t=2003 Teaching Strategies:Cloze Notes and ActivitiesSummarizing Strategy:Ch. 3.1 Daily Assignment Questions and Study Guide.

Chapter 3: The American Free Enterprise SystemSSEF3b, SSEF4a, SSEF5a, SSEF6a,b,c








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http://www.youtube.com/watch?feature=player_detailpage&v=hET-zSJDbgA#t=2003

3.1: Free EnterpriseA tradition of Free EnterpriseOver 18 million unincorporated businesses in America.America, “the land of opportunity,” a place where anyone from any background could achieve success through hard workWhy has America been so successful?Open land, natural resources and uninterrupted flow of immigrants.Free Enterprise – social and political commitment to giving people the freedom and flexibility to try out their business ideas and compete in the marketplace. Pursuit of Happyness : http://www.youtube.com/watch?v=_xcZTtlGweQ

Constitutional Protections:_________ ___ ______________ – guarantees certain individual freedoms. I.E.: freedom of speech, religion__________________ ________________ – protected under the 5th amendment; no person shall be deprived of life, liberty, or property without due process of law; nor shall private property be taken for public use without just compensationTaxationArticle I – gives Congress the power to levy taxes, Sections 2 and 9 taxes apportioned according to population so that everyone will pay the same amount.___________________ ___________________ (1913) – gave Congress the right to set taxes based on Income

Income Tax Rates: http://www.bankrate.com/finance/taxes/2011-tax-bracket-rates.aspxArticle I, Section 10 – individuals or business cannot use political process to get excused from their contracts, no law can be passed that would change the terms of someone’s business agreement.

Basic Principles of Free Enterprise________________ ___________________ – the force that encourages people and organizations to improve their material well-beingIt rewards innovation, and improves productivity __________________ _____________________ – the concept that everyone can compete in the marketplaceEconomic Rights – Legal equality – everyone has the same legal rights, it allows everyone to compete in the economic marketplace________________ _______________ _____________ – people have the right and privilege to control their possessions as they wish.Free contract – allows people to decide what agreements they want to enter into.______________________ ____________ – allows people to decide what and when they want to buy and sell.

____________________ – rivalry among sellers to attract customers while lowering costs. Provides consumers with the choice of a larger variety of goods.

Role of the Consumer – make their desires known through economic dealings with producers (silly bands, vans, i-pods)

Role of the GovernmentInformation and Free Enterprise Public Disclosure Laws- require companies to give consumers important information about their products

Credit card disclosure laws http://www.youtube.com/watch?v=6X9Ku5F2J-oProtecting Health, Safety and Well Being – zoning laws, environmental protection, food, ,medicine…

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http://www.youtube.com/watch?v=6X9Ku5F2J-o

http://www.bankrate.com/finance/taxes/2011-tax-bracket-rates.aspx

http://www.youtube.com/watch?v=_xcZTtlGweQ

On page 55 list the Major Federal Regulatory Agencies and their role in the American Free Enterprise SystemMajor Federal Regulatory Agencies:

Agency and Date Created Role

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3.2: Promoting Growth and StabilitySSEF3 The student will explain how specialization and voluntary exchange between buyers and sellers increase the satisfaction of both parties.


SSEF5 The student will describe the roles of government in a market economy. a. Give examples of government regulation and deregulation and their effects on consumers and producers.

Essential Question: 1. What are three ways of promoting growth and stability?2. What does the business cycle represent?

Activating Strategy:Fraye rVocabTeaching Strategies:Cloze Notes and ActivitiesSummarizing Strategy:Ch. 3.2 Daily Assignment Questions and Study Guide.

3.2: Promoting Growth and StabilityDefinition Describe Definition Describe Definition Describe




Tracking Business Cycles______________________ – the study of the economic behavior and decision making of small units, such as individuals, families and businesses (individuals)_____________________ – the study of the behavior and the decision making of entire economies. (The nation)American Free Enterprise – Government plays a role in attempting to prevent wild swings in economic behavior.Business Cycle – a period of macroeconomic expansion by a period of contraction

Promoting Economic Strength1. High Employment – unemployment rate of 4-6%2. Growth – higher standard of living for each generation3. Economic Citizenship – Influence the system by voting

Technology and Productivity (p.59)America has a high standard of living in comparison to the majority of the rest of the worldGDP/capita statistics: http://en.wikipedia.org/wiki/List_of_countries_by_GDP_(PPP)_per_capita

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http://en.wikipedia.org/wiki/List_of_countries_by_GDP_(PPP)_per_capita

_____________ ________________ – purposeful activity and commitment to value

____________________ – process used to produce a good or service

Innovations help us create more for less. Time Magazine 2010 Inventions http://www.youtube.com/watch?v=yTRkdm-hi04&feature=related,

Governments Roll:Provides Incentive for innovation Morrill Acts of 1862 and 1890 – land-grant money to pursue the study of agriculture. I.E. MIT and Texas A&M University NASA – US Patents – gives the inventor the exclusive right to produce and sell for 20 yearsCopyright – exclusive rights to publish and sell creative worksR&D – Research and Development

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http://www.youtube.com/watch?v=yTRkdm-hi04&feature=related

3.3: Providing Public Goods and 3.4 Providing a Safety NetSSEF5 The student will describe the roles of government in a market economy.

a. Explain why government provides public goods and services, redistributes income, protects property rights, and resolves market failures.

b. Give examples of government regulation and deregulation and their effects on consumers and producers.

Essential Question: 1. How does the government provide for market failures?2. How does the government help provide for a proper standard of living?

Activating Strategy:Fraye rVocabTeaching Strategies:Cloze Notes and ActivitiesSummarizing Strategy:Ch. 3.3,4 Daily Assignment Questions and Study Guide.

3.3: Providing Public GoodsDefinition Describe Definition Describe Definition Describe






_____________ _____________ – a shared good or service for which it would be inefficient or impractical to make consumers pay individually and to exclude non-payers.I.E. Cleaning Mt. Rushmore, launching a space shuttle, Interstate highway, Parks Why would each of the above be considered a public good?

__________________ _____ ___________ – the benefit must outweigh the cost when deciding to move forward with a public good1. The benefit to each individual is less than the cost that each would have to pay if it were provided privately.2. The total benefits to society are greater than the total cost.

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List 3 Public Goods in Glynn County that prove to benefit society more than it costs. Explain why.Public Good Explain why it benefits society more than it costs society

______________ _______________ – a situation in which the market does not distribute resources efficiently.I.E.: Roads – if a company built it they would have to charge a fee for its use in order to make a profit. In addition, if the population was sparse, then the company would have no incentive to produce it due to lack of profit.___________ ___________ – someone who would not choose to pay for a certain good or service, but would get the benefits of it anyway if it were provided as a public good. I.E. Fire Protection, Army helmets, Roads.We are all free riders. If you use a road that is out of state, then you become a free-rider. You paid nothing towards the road, but still use it.

__________________ – an economic side effect of a good or service that generates benefits or costs to someone other than the person deciding how much to produce or consume

______________ Externality – an old house is purchased and fixed up – the neighborhood property value increases due to this. The neighbors benefit without extending any energy towards the improvement of the old house.

_____________ Externality – chemical waste is dumped in the river by a local pulp mill – the community is in harms way of toxic waste. The community did not ask for the pollution, but is on the negative receiving end of the pulp mill.

List Two Positive and Two Negative externalities in the community and explain why they are positive and negative. P Positive Externality N Negative Externality

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3.4 Providing a Safety NetDefinition Describe Definition Describe


Definition Describe Definition Describe


Fill in the appropriate information according to the powerpoint. Personsin Family

48 ContiguousStates and D.C.

Alaska Hawaii

12345678

For each additionalperson, add

Programs in place:__________________________________________ (TANF) – program aims to move people from welfare dependence to the work force. Federal money issued to the state and the state runs their own welfare program.

_____________ ________________ – created in 1935 during the Great Depression. Provides cash transfers of retirement income.

Looking at the tables above, what Economic and Social implications can you foresee?

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Table 2: Americans Age 65 or Older 1880-1990

YearNumber of Americans Age 65 or Older

1880189019001910192019301940195019601970198019902000

1.7 million2.4 million3.0 million3.9 million4.9 million6.7 million9.0 million12.7 million17.2 million20.9 million26.1 million31.9 million34.9 million

Table 1: Life Expectancy for Social Security

Year Cohort Turned 65

Percentage of Population Surviving from Age 21 to Age 65

Average Remaining Life Expectancy for Those Surviving to Age 65

Male Female Male Female

194019501960197019801990

53.956.260.163.767.872.3

60.665.571.376.980.983.6

12.713.113.213.814.615.3

14.716.217.418.619.119.6

________________ ________________ – cash transfer funded jointly by federal and state governments. Checks provide money to eligible workers who have lost their jobs. http://www.bls.gov/lau/tables.htm

_________________ ___________________ – provides cash transfer of state funds to workers injured on the job. Most employers must pay workers’ compensation insurance to cover any future claims their employees might make. I.E. Mr. Martin’s torn ACL at open gym while working at EMHS.

In-Kind Benefits – goods and services provided for free or at greatly reduced prices. I.E. food stamps, subsidized housing, legal aid

Medical Benefits – United States government provides health insurance for the elderly, the disabled and the poor________________ – over age of 65 and the disabled________________ – covers some poor people who are unemployed or not covered by their employers insurance.

Education – Federal, state and local governments provide educational opportunities to the poor.

Faith Based Initiatives – religious organizations, US Dept of Health and Human Services -

Daily TenEF 1-6 and EMI1 EF1a

1. EF1a: Any resources that are made by humans and used to create other goods and services are calleda. Servicesb. Production c. Capital d. Labor

2. EF1a: An example of a shortage is limited amounts of a. Water available for irrigating a crop because it is used for other cropsb. Labor available because the workers have other jobsc. Food available because the trucks carrying it are on striked. Food available because few people want to buy it

3. EF1a: The lack of which of the following represents a scarcity?a. Orange juice because the trucks carrying it are on strikeb. Enough workers to finish two jobs because there’s a limited supply of workersc. Enough workers to work at night because the pay is too lowd. Grapefruit juice because very few people want to buy it

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http://www.bls.gov/lau/tables.htm

4. EF1a: Why are all goods and services scarce?a. Some goods cost more than othersb. All resources are scarcec. Some things are needs and others are wantsd. Some people want to have more goods than others

5. EF1a: Which of the following is an example of scarcity, rather than shortagea. A popular toy is sold out during the busy holiday seasonb. You have spent your last penny and payday is a week awayc. A person wants an endless supply of everything but cannot have itd. Gasoline was rationed in America during World War II

6. EF1b:The resources used to make all goods and services are the a. production possibilitiesb. factors of productionc. production trade-offsd. opportunity costs

7. EF1b: What is a factory building an example of?a. Human capitalb. Physical capitalc. An economic trade-offd. Technology

8. EF1b: One example of an entrepreneur is a. A writer who is hired by a film studio to adapt a novel into a screenplayb. A lawyer in a high-profile law firm that specializes in business lawc. An Olympic ice skater who later decides to join a professional ice showd. An artist who runs a business painting murals in office buildings and restaurants

9. EF1c: All of the following are types of decisions that can be made at the margin EXCEPTa. Whether to grow beans or corn on a large farmb. Whether or not to hire 100 new workersc. Whether to leave early in the morning or late in the day for a tripd. Whether or not to go on vacation

10. EF1c: The government of a country must make a decision between increasing military spending and subsidizing wheat farmers. This kind of decision is a

a. Guns or butterb. Decision at the marginc. Global trade-offd. Basic economic decision

11. EF1c: A nation’s automakers install new robotic machinery to build cars. Now, cars take only a day to make, and the factories can produce many more cars than before. This is an example of growth caused by

a. Land and natural resourcesb. Human capitalc. Technology d. Production possibilities curves

12. EF1d: An efficient economy is one that a. Has very few people who do not work for a livingb. Makes less use of all its goods and servicesc. Uses its resources to make the most goods and servicesd. Makes the least costly use of it resources

13. EF1d: The opportunity cost of a decision can be examined by using a a. Production possibilities graph

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A

B

C

D

baseballs

F

30 60 90 120 150 180 210 240 270 300 330 bananas

25

50

75

100

125

150

175

200

225

b. Factors of production chartc. Global trade-off gridd. Graph of increasing costs

14. EF1d: Production possibilities frontiers curve when they are charted on a graph because they showa. The underutilization of resourcesb. The maximum output of goods and servicesc. The increasing costs resulting in increasingly less outputd. The technological level of the economy’s productivity

15. EF2a: Refer to Figure. The opportunity cost of this economy moving from point A to point C isa. zero.b. 75 baseballs.c. 125 baseballs.d. 125 baseballs and 240 bananas.e. 240 bananas.

16. EF2a: Refer to Figure. The opportunity cost of this economy moving from point D to point B is

a. zero.b. 50 baseballs.c. 60 bananas.d. 50 baseballs and 60 bananas.e. 60 baseballs and 50 bananas.

17. EF2a: Refer to Figure. Which of the following would most likely have caused the production possibilities frontier to shift outward from A to B?

a. a decrease in unemploymentb. a technological advance in the consumer goods industriesc. a general technological advanced. an increase in the availability of capital-producing resourcese. an increase in demand by consumers.

18. EF2b: Refer to Table Above. Which option has the greatest opportunity cost?a. work 5 hours b. work 4 hoursc. work 3 hoursd. work 2 hours

19. EF2b: Refer to Table Above. Which option has the least benefit?

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a. work 1 hourb. work 2 hoursc. work 3 hoursd. work 4 hours

20. EF2b: Refer to Table Above. Which option will earn the most money the quickest?a. work 5 hoursb. work 4 hoursc. work 3 hoursd. work 2 hours

21. EF3a: Which country has a comparative advantage in corn and melons?a. United States - Corn and Mexico - Melonsb. United States – Melons and Mexico – Cornc. United States should produce both Corn and Melonsd. None of the above

22. EF3b: How does voluntary exchange help everyone compete in the market place?a. it allows them to decide what and when they want to buy and sellb. it allows them to decide to buy a car at a particular pricec. it allows them to decide if the purchase is worth paying ford. all of the above

23. EF3b: From the principle of voluntary exchange, we conclude that:a. often buyers are made better off at the expense of sellersb. often sellers are made better off at the expense of buyersc. both the buyer and the seller must be better off as a result of a transactiond. neither the buyer nor the seller are necessarily made better off as a result of a transaction

24. EF3b: The concept that people may decide what and when they want to buy and sella. voluntary exchangeb. fraudulent exchangec. competitiond. economic integrity

25. EF4a: What incentive motivates a manufacturer to sell a product?a. making profits on salesb. putting others out of businessc. pleasing the consumerd. popularity of the product

26. EF4a. What is one of the most important advantages of a free market?a. it can change rapidlyb. it protects the less fortunatec. it is easy to regulated. it encourages growth

27. EF4a: Why does the free market economy need some government intervention?a. to provide for things that the marketplace does not addressb. to ensure the government has the freedom to tax as necessaryc. to make sure that the government can fulfill its needs for military personnel

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U.S. Corn

5

Melons

2

Mexico 1 1

d. so that the government has some control over factor resources

28. EF4a: In what kind of economy does the government make all the decision?a. socialistb. laissez fairec. centrally plannedd. free enterprise

29. EF4b: What is the purpose of competition?a. to act as a regulating force in the market placeb. to cause producers to attempt to put each other out of businessc. to cause buyers and sellers to be careful about spending their moneyd. to act as a motivating force behind the free market

30. EF4b: What is the function of an economic system?a. to make sure all people have equal access to goodsb. to produce and distribute goods and services c. to give all producers the same access to consumersd. to make sure people are paid for their labor

31. EF4b: You are an entrepreneur with an innovative idea for a new business. In which kind of economy would you have the most opportunity to try to achieve success?

a. market economyb. command economyc. traditional economyd. economy of scale

32. EF5a: Why does the government use it powers to make sure that businesses disclose so much information to the public?

a. to make buyers more knowledgeable and saferb. to make it hard for business to make an excess profitc. to make it easier for consumers to save moneyd. to make it easier for business to have good information

33. EF5a: What is a positive externality?a. a way to generate trade that will benefit people who are from other countriesb. an economic side effect that generates unexpected benefitsc. a cash flow that will benefit both the government and the business who interact with itd. an extra payment to welfare recipients

34. EF5a: Why are public goods considered to be a market failure?a. because the it is inefficient for the market to produce itb. there is no incentive for the individual to produce itc. it is too costly for the individual to produce itd. all of the above

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35. EMI1a. Refer to Diagram Above. What does the upper line of monetary flow, marked “1” show?a. households pay firms for goods and servicesb. firms pay households for the factors of productionc. taxesd. firms providing money for the households

36. EMI1a: Refer to Diagram Above. What does the lower half, marked “2” represent?

a. factor marketb. product marketc. supply and demandd. production possibilities frontier

37. EMI1a: Refer to Diagram Above. What is this model commonly referred to as?a. Circular Flow Modelb. Production Possibilities Curvec. Thinking at the Margind. Supply and Demand Curve

38. EMI1b: Which of the following is an example of money as a unit of account?a. purchasing a toy for $8.99b. lending a friend $25.00c. opening a savings account at a bankd. checking the price of a camera at several stores before buying it at the lowest price

39. EMI1b: Which of the following is an example of representative money?a. a fur coatb. diamondsc. gold earringsd. an IOU note

40. EMI1b: Which of the following is an example of a barter system?a. Instead of paying rent, you clean the house for the owner.b. Instead of paying cash for a computer, you use a credit card.c. Instead of paying the full amount for a car, you pay 10 percent in cash and pay for the rest in d. monthly installments e. Instead of paying for a purchase in Mexico in pesos, you use dollars from the United States.

41. Which of the following is a private organization that attempts to influence public officials to act or vote in ways that will benefit the group’s members?

a. a. market research group c. public policy groupb. b. free enterprise group d. interest group

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42. What is the most effective way for consumers to make their desires known to businesses?a. through mail and phone surveysb. by protesting and boycotting productsc. by the purchases they maked. by hiring lobbyists and joining consumer groups

43. Why does the government use its powers to make sure that businesses disclose so much information to the public?a. to make buyers more knowledgeable and saferb. to make it hard for businesses to make an excess profitc. to make it easier for consumers to save moneyd. to make it easy for businesses to have good information

44. What is a positive externality?a. a way to generate trade that will benefit people who are from other countriesb. an economic side effect that generates unexpected benefitsc. a cash flow that will benefit both the government and the businesses who interact with itd. an extra payment to welfare recipients

45. What does the Temporary Assistance for Needy Families program provide?a. retirement income for the elderlyb. cash to the states to help run their welfare programsc. compensation to all who lose jobsd. cash to workers injured on the job

46. What is the difference between a business cycle and the day-to-day ups and downs of the market?a. The day-to-day ups and downs of the market can be much more extreme than a business cycle.b. The day-to-day fluctuations are more likely to have an impact on people’s finances.c. A business cycle is usually more restricted, whereas market fluctuations are worldwide.d. A business cycle is a major, prolonged fluctuation rather than a day-to-day movement.

47. What best describes the role of government in a free enterprise system?a. Control business activities.b. Decide what companies will be formed and then allow the managers to run them.c. Allow individuals to operate their businesses in ways they think will maximize their profits.d. Require companies to disclose information to consumers.

48. What effect does new technology usually have on an economy?a. It makes the economy stronger and more efficient.b. It reduces the dependence of the economy on business.c. It slows an economy down for at least a while.d. It reduces the available jobs.

49. Which of the following is a critical rule for determining whether something is a public good?a. The benefit to each individual who uses the facility is greater than the cost.b. The benefits of the facility are greater for the society than for the individuals using it.c. The total benefits to society are greater than the total cost.d. The total cost is small for each individual taxpayer.

50. Which of the following is NOT an example of a public good?a. a. shopping malls c. highwaysb. b. national parks d. municipal libraries

51. What protections does OSHA give to people in the United States?a. a. regulations on workplace safety and information about hazards in the workplaceb. consumer protection in buying foodsc. regulations about clean environmentd. protection for certain key industries such as logging

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52. What is the term for the total value of all goods and services produced in a particular economy?a. a. net worth c. gross domestic productb. b. open market value d. standard of living

53. What is one benefit provided by Social Security?a. medical care for the indigentb. cash transfers to workers injured on the jobc. compensation for all who lose jobsd. retirement income for the elderly

54. A person who consumes a good or service but does not pay for it is called which of the following?a. a. a free rider c. a private consumerb. b. a volunteer user d. an entrepreneur

55. Automakers are required to comply with public disclosure laws. What is one example of a requirement of these laws?a. Salespeople must provide information about their competitors’ cars, so customers can make informed

decisions.b. Car dealers must prominently display a sticker with the fuel efficiency in the car windowc. Salespeople must be willing to sell cars to anyone who can afford them, regardless of gender, race, or

ethnicity.d. Automakers must test all car models regularly for crash-worthiness.

56. An externality isa. an economic side effect of a good or service that generates benefits or costs to someone other than the person

deciding how much to produce or consume.b. the total cost to society of producing an additional unit of a good or service.c. the amount a consumer pays to consume an additional amount of any particular good.d. a situation in which the market, on its own, does not distribute resources efficiently.

57. In 1996, a new federal welfare program called Temporary Assistance for Needy Families (TANF) began assisting poor families. Which of the following was NOT a provision of TANF?

a. a. direct cash payments to recipients c. lifetime limit of benefitsb. b. work incentives d. state-run welfare programs

58. The U.S. Constitution guarantees certain rights that allow people to engage in business activities. Which of the following does the U.S. Constitution NOT guarantee?

a. the protection against monopolies and oligopoliesb. the recognition and protection of private property rightsc. a limitation on the kinds of taxes that Congress can imposed. the right to make binding contracts

59. Why is legal equality important to the free enterprise system?a. Ensuring that all businesses have the same legal rights will create healthy competition in the marketplace.b. Requiring all lawyers to obtain the same education will ensure that all business clients receive competent legal

representation.c. Protecting legal equality makes sure that all people may decide what legal agreements they want to enter into.

d. Guaranteeing all people the same legal rights will maximize the use of human capital.

60. A large telephone company has hired lobbyists to try to persuade lawmakers to reduce governmental regulation over the telecommunications industry. Why might the company do this?

a. Some regulations are costly to implement and cut into profits.b. Many regulations promote too much competition, driving down prices.c. Certain regulations result in rapid business growth, which some companies find difficult to handled. All of the above

61. You read an article in a news magazine that explains how the economy expanded for several years, then went into a period of contraction. What was the subject of this article?

a. a. the gross domestic product c. the business cycle

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b. b. microeconomics d. voluntary exchange

62. To stabilize the economy, policymakers try to achieve three main outcomes: high employment, steady growth, anda. a. technological advancement. c. competition.b. b. stable prices. d. consumer confidence.

63. Why does the government protect inventors and authors by offering them patents and copyrights?a. a. to encourage free trade c. to regulate the business cycleb. b. to promote innovation d. to strengthen American culture

64. Which of the following is the best example of a public good?a. a. highway system c. country clubb. b. shopping mall d. movie theater

65. You will still be able to get public broadcasting whether or not you contribute to their fundraising campaign. You decide not to contribute. This is an example of the

a. a. public good problem. c. externality problem.b. b. public sector problem. d. free-rider problem.

66. A new runway has opened up at the airport, and the flight path goes directly over your apartment. The noise of the airplanes is a

a. a. positive externality. c. negative externality.b. b. free-rider problem. d. market failure.

67. Each payday, some of your pay is withheld as payroll deductions for Social Security. What happens to the money that is withheld?

a. It is redistributed as cash transfers to workers who are injured on the job.b. It is put into an account under your name to earn interest until you retire.c. It is used to provide medical benefits to Americans over 65.d. It is redistributed as cash transfers to elderly and disabled people.

68. Jeff and Margaret qualify for Section 8 housing, a subsidized housing program from the federal government. What kind of benefit are they receiving?

a. a. cash transfer c. Social Security benefitsb. b. in-kind benefit d. faith-based initiative

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Economics Unit i Student Packet1

Documents

economic growth

basic economic questions

mixed economic systems

economic goals of freedom

economic fundamentals

marginal costs

product market

resource market