As you read, supply the requested information in the spaces provided.
Explain what gives the government the power to collect taxes.
Framers of the Constitution gave each branch of government certain powers and duties. F
Section 1: Understanding Fiscal Policy
As you read, fill in two supporting facts or details under each main idea by answering each
Main Idea: The president and Congress work through a budget process to draw up a spendin
Chapter 12 Guided Reading
Section 1: Gross Domestic Product
As you read in Section 1, answer the following questions about gross domestic product.
1. What is the gross domestic product?
is the dollar value of all final goods and
services produced within a
Section 1: The Federal Reserve
As you read, supply the requested information.
1. Sources of confusion and problems with American banking between 1836 and 1907:
States chartered some banks, while the federal government chartered a
Section 1: Levels of Development
As you read, fill in details comparing characteristics of developed nations and less developed
countries in the blanks provided.
Less Developed Countries
Per Capita GDP
Reason for Unemployment
Type of Unemployment
1. People taking time looking for work after
Unemployment that occurs when workers
skills do not match the jobs that
Describe the three uses of money
Money as a Medium of Exchange
Money as a Unit of Account
Money as a Store of Value
Define the characteristics of money
Section 1: Why Nations Trade
As you read, answer the following questions about international trade in the spaces provided.
1. What resources are major influences on a countries or regions economy?
Land that can be farm
Career in Economics
Section 1: Saving and Investing
A. As you Read
As you read section 1, supply the missing information about the functions of the financial
intermediaries in the chart below.
1. Banks, Savings
Buyers and sellers are not likely to work
together to bargain for better prices.
the buyer will not pay extra for one
particular companys goods
Effect: The market determines price without
influence from sup
What business organization should adopt
As you read Section 1, supply the missing information in the space provided.
1. Owned and managed by
2. Percentage of U.S. businesses
Reason for Changing in Supply
A. As You Read
As you read Section 1, supply the missing causes or effects on the lines provided in the chart.
1. The price of pizza incre
Chapter 1 Guided Reading
Section 1: Scarcity and the Factors of Production
A. As you Read: Supply in the space provided an explanation an economist might give showing why each statement is true.
1. People must make choices to satisfy
Public versus Private Goods
READ PART 1: THE PUBLIC SECTOR AND THE PRIVATE SECTOR
The public sector of the economy is all the production and consumption activities of
government. One important economic role of the public sector is to produce goods and ser
Section 1: Answering the Three Economic Questions
A. As You Read, Section 1, supply the missing information about economic systems in the space provided.
1. Three economic questions answered:
What goods and ser
Reasons for Changes in Demand
Read the following eight newspaper headlines. In each case decide if the event will cause a change in
the demand for BEEF. If so, determine if it is an increase or a decrease, and write the correct answer. Begin at
Public vs Private
Section 1: Benefits of Free Enterprise
A. As you read section 1, supply the missing information about the American market system in the spaces provided.
Reasons for changes in Demand
Section 1: Understanding Demand
A. As you read, for each boxed example, fill in the key term the example illustrates in the space
1. the higher the price of
pizza, the fewer sl
Elasticity of Supply, Price Floor & Price Ceiling
Assume the university has set the price of a season ticket at $90. It will take action against people who it
discovers reselling tickets at a higher price, that is, it will try to prevent black m
Changes in Supply & Demand & Supply of Gasoline
Supply & Demand Video
Elasticity of Supply
As you read Section 2, complete the chart by supplying an effect for each cause.
1. Entire supply curve shifts.