Economics today & tomorrow - reading essentials & study guide.pdf - malaika_sc

ECONOMICS

TODAY AND TOMORROW

Reading Essentials

and

Study Guide

Student Workbook

TO THE STUDENT

The Reading Essentials and Study Guide is designed to help you use recognized reading

strategies to improve your reading-for-information skills. For each section of the student text-

book, you are alerted to key terms, asked to draw from prior knowledge, organize your thoughts with

a graphic organizer, and then follow a process to read and understand the text. The Reading

Essentials and Study Guide was prepared to help you get more from your textbook by

reading with purpose.

the material contained herein on the condition that such material be reproduced only for classroom use;

be provided to students, teachers, and families, without charge; and be used solely in conjunction with

Economics: Today and Tomorrow. Any other reproduction, for use or sale, is prohibited without

written permission from the publisher.

Send all inquiries to:

Glencoe/McGraw-Hill

8787 Orion Place

Columbus, OH 43240

ISBN 0-07-865063-1

Printed in the United States of America.

1 2 3 4 5 6 7 8 9 10 047 09 08 07 06 05 04

C ONTENTS

Chapter 1 What is Economics?

1The Basic Problem in Economics . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

2Trade-Offs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4

3What Do Economists Do ?. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6

Chapter 2 Economic Systems and the American Economy

1Economic Systems . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8

2 Characteristics of the American Economy . . . . . . . . . . . . . . . . . . . . . . . . . . 11

3The Goals of the Nation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14

Chapter 3 Your Role as a Consumer

1Consumption, Income, and Decision Making . . . . . . . . . . . . . . . . . . . . . . . 16

2Buying Principles or Strategies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19

3Consumerism . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22

Chapter 4 Going Into Debt

1 Americans and Credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25

2Sources of Loans and Credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28

3Applying for Credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31

4Government Regulation of Credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34

Chapter 5 Buying the Necessities

1 Shopping for Food . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36

2Clothing Choices . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39

3To Rent or to Buy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41

4Buying and Operating a Vehicle . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44

Chapter 6 Saving and Investing

1Why Save? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46

2Investing: Taking Risks With Your Savings . . . . . . . . . . . . . . . . . . . . . . . . . 49

3Special Savings Plans and Goals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53

Chapter 7 Demand and Supply

1Demand . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56

2The Demand Curve and Elasticity of Demand . . . . . . . . . . . . . . . . . . . . . . 59

3The Law of Supply and the Supply Curve . . . . . . . . . . . . . . . . . . . . . . . . . . 63

4 Putting Supply and Demand Together . . . . . . . . . . . . . . . . . . . . . . . . . . . . 66

Chapter 8 Business Organizations

1Starting a Business . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69

2Sole Proprietorships and Partnerships . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 71

3The Corporate World and Franchises . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 73

Chapter 9 Competition and Monopolies

1Perfect Competition . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 76

2Monopoly, Oligopoly, Monopolistic Competition . . . . . . . . . . . . . . . . . . . . 78

3Government Policies Toward Competition . . . . . . . . . . . . . . . . . . . . . . . . . . 82

Chapter 10 Financing and Producing Goods

1 Investing in the Free Enterprise System . . . . . . . . . . . . . . . . . . . . . . . . . . . . 84

2Types of Financing for Business Operations . . . . . . . . . . . . . . . . . . . . . . . . . 87

3The Production Process . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 88

Chapter 11 Marketing and Distribution

1The Changing Role of Marketing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 91

2The Marketing Mix . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 94

3Distribution Channels . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 97

iii

Chapter 12 The American Labor Force

1Americans at Work . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 99

2Organized Labor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 102

3Collective Bargaining . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 105

Chapter 13 Measuring the Economy’s Performance

1National Income Accounting . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 108

2Correcting Statistics for Inflation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 112

3 Aggregate Demand and Supply . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 114

4 Business Fluctuations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 116

5Causes and Indicators of Business Fluctuations . . . . . . . . . . . . . . . . . . . . . . 119

Chapter 14 Money and Banking

1The Functions and Characteristics of Money . . . . . . . . . . . . . . . . . . . . . . . . 121

2History of American Money and Banking . . . . . . . . . . . . . . . . . . . . . . . . . . 124

3Types of Money in the United States . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 127

Chapter 15 The Federal Reserve System and Monetary Policy

1Organization and Functions of the Federal Reserve System . . . . . . . . . . . . . 129

2Money Supply and the Economy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 131

3Regulating the Money Supply . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 133

Chapter 16 Government Spends, Collects, and Owes

1Growth in the Size of Government . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 136

2The Functions of Government . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 138

3The Federal Budget and the National Debt . . . . . . . . . . . . . . . . . . . . . . . . . 141

4Taxation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 143

Chapter 17 Stabilizing the National Economy

1Unemployment and Inflation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 145

2The Fiscal Policy Approach to Stabilization . . . . . . . . . . . . . . . . . . . . . . . . 147

3Monetarism and the Economy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 149

Chapter 18 Trading With Other Nations

1The Benefits of World Trade . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 151

2Financing World Trade . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 153

3Restrictions on World Trade . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 156

Chapter 19 Converging Economic Systems

1Comparing Capitalism and Socialism . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 159

2Changing Authoritarian Socialism—The Case of China . . . . . . . . . . . . . . . 161

3Nations Move Toward the Market System . . . . . . . . . . . . . . . . . . . . . . . . . . 163

Chapter 20 Economic Growth in Developing Nations

1Characteristics of Developing Nations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 165

2The Process of Economic Development . . . . . . . . . . . . . . . . . . . . . . . . . . . . 167

3Obstacles to Growth in Developing Nations . . . . . . . . . . . . . . . . . . . . . . . . 169

4 Industrialization and the Future . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 171

Chapter 21 The Global Economy

1Reasons for and Results of Global Integration . . . . . . . . . . . . . . . . . . . . . . . 173

2Direct Foreign Investment—Should We Be Worried? . . . . . . . . . . . . . . . . . . 175

3Multinationals and Economic Competition . . . . . . . . . . . . . . . . . . . . . . . . 177

Chapter 22 Cybernomics

1The Growth of E-Commerce . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 180

2A New Economy? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 182

3 Issues in Cybernomics . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 184

Name

Date

Class

For use with textbook pages 3–8

T HE BASIC PROBLEM IN ECONOMICS

KEY TERMS

economics The study of how people make choices about ways to use limited resources to satisfy their

wants (page 3)

scarcity The condition that occurs when wants are greater than the resources to satisfy them (page 5)

factors of production The resources of land, labor, capital, and entrepreneurship that are used to produce

goods and services (page 6)

land The economic term for surface land and water and the natural resources that each contains (page 6)

labor The human effort that is required to produce goods and services (page 6)

goods Material objects that satisfy people’s wants or needs (page 6)

services Actions or activities that satisfy people’s wants or needs (page 6)

capital Manufactured goods that are used to produce other goods or services (page 6)

productivity The amount of goods and services that results from the use of a set amount of land, labor,

capital, and entrepreneurship (page 7)

entrepreneurship Ability of risk-taking individuals to start new businesses or develop new products and

processes in hopes of making profits (page 7)

technology Advances in knowledge that lead to new and improved goods and services and better ways of

producing them (page 8)

DRAWING FROM EXPERIENCE

At one time or another, you have probably been required to do a project for your science, social

studies, or art class. What materials did you use? Who did the work? Did you use tools in making

your project? All these questions are basic to the study of economics.

This section focuses on how people and societies make choices in their use of resources. The

study of these choices and how people make them forms the basis of economics.

ORGANIZING YOUR THOUGHTS

Use the cause-and-effect diagram below to help you take notes as you read the summaries that

follow. Think about why people make choices in the things that they buy.

Cause

Effect

Because resources are __________

people must make choices.

Study Guide

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