ECONOMICS TODAY AND TOMORROW
ECONOMICSTODAY AND TOMORROWGuided Reading Activities
TO THE TEACHERGuided Reading Activities provide you with resources to help students focus on the key information and concepts in each chapter of Economics Today and Tomorrow. The reproducibleactivities follow the outlines of each section in the chapter. Answers to the Guided ReadingActivity questions are in the back of the booklet.CREATING A CUSTOMIZED FILEThe individual booklets in the Teacher’s Classroom Resources provide a wide variety of supplemental materials to help make economics meaningful to students. These resources appear asindividual booklets in a carryall file box.There are a variety of ways to organize Economics Today and Tomorrow classroom resources.Three alternatives are given here: Organize by category (all activities, all tests, etc.) Organize by category and chapter (all Chapter 1 activities, all Chapter 1 tests, etc.) Organize sequentially by lesson (activities, quizzes, and other materials for Chapter 1, Section 1;Chapter 1, Section 2, etc.)Regardless of the organization you choose, you may pull out individual activity sheets fromthese booklets, or you may photocopy them directly from the booklets and file the photocopies.You will then be able to keep original booklets intact in a safe place.Copyright by The McGraw-Hill Companies, Inc. All rights reserved. Permission is granted to reproducethe material contained herein on the condition that such material be reproduced only for classroom use; beprovided to students, teachers, and families without charge; and be used solely in conjunction withGlencoe products Any other reproduction, for use or sale, is prohibited without written permission of thepublisher.Printed in the United States of America.Send all inquiries to:Glencoe/McGraw-Hill8787 Orion PlaceColumbus, OH 43240ISBN 0-07-822480-23 4 5 6 7 8 9 10 11 047 05 04 03
CONTENTSChapter 1What is Economics?1 The Basic Problem in Economics. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .2 Trade-Offs. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .3 What Do Economists Do?. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Chapter 2Economic Systems and the American Economy1 Economic Systems. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .2 Characteristics of the American Economy . . . . . . . . . . . . . . . . . . . . . . . . . .3 The Goals of the Nation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Chapter 3Americans and Credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10Sources of Loans and Credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11Applying for Credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12Government Regulation of Credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13Buying the Necessities1234Chapter 6789Going Into Debt1234Chapter 5456Your Role as a Consumer1 Consumption, Income, and Decision Making . . . . . . . . . . . . . . . . . . . . . . .2 Buying Principles or Strategies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .3 Consumerism . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Chapter 4123Shopping for Food . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Clothing Choices . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .To Rent or to Buy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Buying and Operating a Vehicle . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .14151617Saving and Investing1 Why Save? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 182 Investing: Taking Risks With Your Savings . . . . . . . . . . . . . . . . . . . . . . . . . 193 Special Savings Plans and Goals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20Chapter 7Demand and Supply1234Chapter 8Demand . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .The Demand Curve and Elasticity of Demand . . . . . . . . . . . . . . . . . . . . . .The Law of Supply and the Supply Curve. . . . . . . . . . . . . . . . . . . . . . . . . .Putting Supply and Demand Together . . . . . . . . . . . . . . . . . . . . . . . . . . . .21222324Business Organizations1 Starting a Business . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 252 Sole Proprietorships and Partnerships . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 263 The Corporate World and Franchises . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27Chapter 9Competition and Monopolies1 Perfect Competition . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 282 Monopoly, Oligopoly, Monopolistic Competition . . . . . . . . . . . . . . . . . . . . 293 Government Policies Toward Competition . . . . . . . . . . . . . . . . . . . . . . . . . . 30Chapter 10Financing and Producing Goods1 Investing in the Free Enterprise System . . . . . . . . . . . . . . . . . . . . . . . . . . . . 312 Types of Financing for Business Operations . . . . . . . . . . . . . . . . . . . . . . . . 323 The Production Process . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33Chapter 11Marketing and Distribution1 The Changing Role of Marketing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 342 The Marketing Mix. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 353 Distribution Channels . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36iii
Chapter 12The American Labor Force1 Americans at Work . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 372 Organized Labor. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 383 Collective Bargaining . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39Chapter 13Measuring the Economy’s Performance12345Chapter 14National Income Accounting . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Correcting Statistics for Inflation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Aggregate Supply and Demand. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Business Fluctuations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Causes and Indicators of Business Fluctuations. . . . . . . . . . . . . . . . . . . . . .4041424344Money and Banking1 The Functions and Characteristics of Money. . . . . . . . . . . . . . . . . . . . . . . . 452 History of American Money and Banking . . . . . . . . . . . . . . . . . . . . . . . . . . 463 Types of Money in the United States. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47Chapter 15The Federal Reserve System and Monetary Policy1 Organization and Functions of the Federal Reserve System . . . . . . . . . . . . . 482 Money Supply and the Economy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 493 Regulating the Money Supply. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50Chapter 16Government Spends, Collects, and Owes1234Chapter 17Growth in the Size of Government . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .The Functions of Government . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .The Federal Budget and the National Debt. . . . . . . . . . . . . . . . . . . . . . . . .Taxation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .51525354Stabilizing the National Economy1 Unemployment and Inflation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 552 The Fiscal Policy Approach to Stabilization . . . . . . . . . . . . . . . . . . . . . . . . 563 Monetarism and the Economy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57Chapter 18Trading With Other Nations1 The Benefits of World Trade . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 582 Financing World Trade . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 593 Restrictions on World Trade . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60Chapter 19Converging Economic Systems1 Comparing Capitalism and Socialism . . . . . . . . . . . . . . . . . . . . . . . . . . . . 612 Changing Authoritarian Socialism—The Case of China. . . . . . . . . . . . . . . 623 Nations Move Toward the Market System . . . . . . . . . . . . . . . . . . . . . . . . . . 63Chapter 20Economic Growth in Developing Nations1234Chapter 21Characteristics of Developing Nations. . . . . . . . . . . . . . . . . . . . . . . . . . . . .The Process of Economic Development . . . . . . . . . . . . . . . . . . . . . . . . . . . .Obstacles to Growth in Developing Nations . . . . . . . . . . . . . . . . . . . . . . . .Industrialization and the Future . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .64656667The Global Economy1 Reasons for and Results of Global Integration . . . . . . . . . . . . . . . . . . . . . . . 682 Direct Foreign Investment—Should We Be Worried? . . . . . . . . . . . . . . . . . . 693 Multinationals and Economic Competition . . . . . . . . . . . . . . . . . . . . . . . . 70Chapter 22Cybernomics1 The Growth of E-Commerce . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .2 A New Economy? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .3 Issues in Cybernomics . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Answer Key . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .iv71727374
NameDateClass1-1For use with textbook pages 2–8THE BASIC PROBLEM IN ECONOMICSRECALLING THE FACTSDirections: Use the information in your textbook to fill in the blanks using the words in the box. Somewords may be used more than once.factors of duction1 is the study of how individuals, families, businesses, and societies use limited2 to fulfill their unlimited wants.Wants Versus NeedsEconomists consider everything other than basic survival needs to be a 3 . This includesTVs, VCRs, computers, and automobiles.Copyright by The McGraw-Hill Companies, Inc.Choices/The Problem of ScarcityPeople, businesses, and societies make choices that utilize resources and affect the production of4 and 5 . However, there exists a problem of6 , in which people do not have enough income, time, and other resources to satisfytheir every want.Factors of ProductionWhen economists refer to scarce resources, they are referring to the 7 , which arethe resources necessary for the production of goods and services. There are four factors of production.8 is a natural resource present without human intervention. The work peopledo is 9 , often referred to as a human resource. People work to produce10 , which are tangible items, and 11 , activities donefor others for a fee. The third factor of production is 12 —manufactured goods used toproduce goods and services. Individuals who take the initiative to start a new business or introduce a new product aredemonstrating 13 , the fourth factor of production. Today, some economists consider14 , or the use of science to produce goods and services, an additional factor of production.Guided Reading Activities1
NameDateClass1-2For use with textbook pages 12–16TRADE-OFFSRECALLING THE FACTSDirections: Use the information in your text book to answer the questions.1. What is a trade-off?2. What kinds of trade-offs do you make as a student?3. What does an opportunity cost cause a person to lose?4. What is important to know before one makes a decision related to their available resources?Production Possibilities Curve5. What is a production possibilities curve?6. The classic example for explaining the production possibilities curve shows the relationship between what two7. What benefit is there from a nation, business, or individual using the production possibilities curve?2Guided Reading ActivitiesCopyright by The McGraw-Hill Companies, Inc.factors?
NameDateClass1-3For Use with textbook pages 18–23W HAT DO ECONOMISTS DO?OUTLININGDirections: Locate the heading in your textbook. Then use the information under the heading to help youwrite each answer. Use another sheet of paper if necessary.I. Introduction—Describe the two large fields into which economics is divided.II. Economic Models—What is the purpose of an economic model?A. What Models Show1. What does a production possibilities curve reveal?2. What is the most common economic model?3. What do economic models assume?B. Creating a Model1. In what way are models helpful to economists?Copyright by The McGraw-Hill Companies, Inc.2. What does an economist develop in order to test his or her theory or model?C. Testing a Model––How does testing models help economists test their hypotheses?D. Applying Models to Real Life––Why is it difficult for economists to apply the results of economic models?II. Schools of Economic ThoughtA. Introduction––Why do economists disagree over economic theories?B. Values and Economics1. What are values?2. What can the science of economics not help judge?Guided Reading Activities3
NameDateClass2-1For use with textbook pages 31–38ECONOMIC SYSTEMSFILLING IN THE BLANKSDirections: Use the information in your textbook to fill in the blanks using the words in the box. Somewords may be used more than once.resourcesgoods and servicesmixed economyeconomic systemtraditional economycircular flow of economic activity marketprice systemcommand economymarketIntroductionAn economic system is a way of determining how to use 1 to satisfy people’s wantsand needs.Three Basic QuestionsA nation must determine what 2 to produce and how to produce them. The3 a nation has determines for whom goods and services will be produced. In theUnited States, most goods and services are distributed through a 4 .4Guided Reading ActivitiesCopyright by The McGraw-Hill Companies, Inc.Types of Economic SystemsThe amount of involvement a society’s leaders have in allocating scarce 5 helpsdetermine its economic system. In limited parts of the world, a 6 , based on customsand beliefs, exists. Government leaders control the factors of production and make all economic decisions in a7 . In contrast, individuals in a 8 economy, controleconomic decisions. Under this system, the economy is based on information obtained from the9 , where the voluntary exchange of 10 takes place.Economists use a 11 model to illustrate how the market system works. Thelast type of economic system combines the basic elements of the command and market economy. In a12 there is private ownership of property and individuals decisions are combinedwith government intervention.
NameDateClass2-2For use with the textbook pages 40–44CHARACTERISTICS OF THE AMERICAN ECONOMYRECALLING THE FACTSDirections: Use the information in your textbook to answer the questions.1. What are the six major characteristics of a pure market economy?a.b.c.d.e.f.2. What is a pure capitalistic system?3. How can capitalism best be described in the United States today?4. What do individuals own and control under a free enterprise system?Copyright by The McGraw-Hill Companies, Inc.5. How does the government in the United States limit choices in order to protect buyers?6. What is profit?7. Why is the principal of private property important for capitalism?8. What are the effects of competition?Guided Reading Activities5
NameDateClass2-3For use with textbook pages 46–49THE GOALS OF THE NATIONOUTLININGDirections: Locate the heading in your textbook. Then use the information under the headings to help youwrite each answer.I. Goals of a Free Enterprise EconomyA. Introduction1. The United States has what kind of economic system?2. What are the national goals for the American economic system?B. Economic Freedom1. What is the goal of economic freedom?2. What risk is involved in having economic freedom?C. Economic Efficiency—What happens if the factors of production in an economic system are wasted?D. Economic Equity—What are some policies the American government has passed to help create a fair and justeconomic system?E. Economic Security—How does the government give security to the economy?2. How is the standard of living measured?G. Economic Growth—What must the economy do in order to keep up with a growing population?H. Trade-offs Among Goals—What must nations do in order to achieve their national goals?II. Rights and Responsibilities—What are the rights and responsibilities of individuals in the American free enterprisesystem?6Guided Reading ActivitiesCopyright by The McGraw-Hill Companies, Inc.F. Economic Stability1. What is the goal of economic stability?
NameDateClass3-1For Use with textbook pages 59–64CONSUMPTION, INCOME, AND DECISION MAKINGRECALLING THE FACTSDirections: Use the information in your textbook to answer the questions.1. What are the characteristics of a consumer?Disposable and Discretionary Income2. What are the two types of income?a. incomeb. income3. How are the two types of income different from one another?4. What factors help determine a person’s potential earning power?Decision Making as a ConsumerCopyright by The McGraw-Hill Companies, Inc.5. What are the three decisions consumers have to make?a.b.c.6. What scarce resources are involved in making a purchase?7. What must a person decide if they choose to buy a higher-priced product over a lower-priced product?8. How do economists define rational choice?Guided Reading Activities7
NameDateClass3-2For use with the textbook pages 66–70BUYING PRINCIPLES OR STRATEGIESFILLING IN THE BLANKSDirections: Use your textbook to fill in the blanks using the words in the box. Some words may be usedmore than once.baittimecomparison shoppingpriceswitchcompetitive advertisingbrand namewarrantyadvertisinginformative advertisinggeneric brandsIntroduction/Gathering InformationThe three basic principles of buying involve gathering information, using 1 wisely,and 2 . A scarce resource involved in attaining information about a product is3 .Using Advertising WiselyAdvertising that tries to persuade a person that a product is different from and superior to others is4 . In comparison, 5 benefits consumers by informing themabout various products. Unfortunately, advertising can also be deceiving, with such tactics as the bait and switch. The6 is an unrealistically priced item, that is no longer available when the consumer gets tothe store
Guided Reading Activities provide you with resources to help students focus on the key infor-mation and concepts in each chapter of Economics Today and Tomorrow. The reproducible activities follow the outlines of each section in the chapter. Answers to the Guided Reading Activity questions are in the back of the booklet. CREATING A CUSTOMIZED FILE
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International Finance 14. Development Policy 15. Institutional Economics 16. Financial Markets 17. Managerial Economics. 13 18. Political Economy 19. Industrial Economics 20. Transport Economics 21. Health Economics 22. Experimental and Behavioral Economics 23. Urban Economics 24. Regional Economics 25. Poverty and Income Distribution
Sydney Sheldon - If Tomorrow Comes If Tomorrow Comes Sydney Sheldon Hmmm, looks like another genie got out of the bottle Me Fiction Scanned and fully proofed by nihua, 2002-03-24 v4.1 CR/LFs removed and formatting tidied. pdb conversion by bigjoe. IF TOMORROW COMES by Sidney Sheldon, 1985 BOOK ONE Chapter 01 New Orleans THURSDAY, FEBRUARY 20 .
ECONOMICS 40 Chapter 1: The Principles and Practica of Economics 40 1.1 The Scope of Economics 41 Economic Agents and Economic Resources 41 Definition of Economics 42 Positive Economics and Normative Economics 43 Microeconomics and Macroeconomics 44 1.2 Three Principles of Economics
Behavioral Economics Experimental Economics Macroeconomics and Public Sector Economics Monetary Policy Fiscal Policy Cost-Benefit Analysis Economics of Regulations and Competitive Economy Labour and Population Labour Economics Population Economics Human Resource Development Islamic Economics Islamic Banking: Theory and Practice
Managerial Economics Klein Mathematical Methods for Economics Krugman/Obstfeld/Melitz International Economics: Theory & Policy* Laidler The Demand for Money Lynn Economic Development: Theory and Practice for a Divided World Miller Economics Today* Miller/Benjamin The Economics of Macro Issues Miller/Benjamin/North The Economics of Public Issues .
1. Essentials of Business Economics- D N Dwivedi, Vikas Publications. 2. Managerial Economics - Dom inick Sal watore . 3. Managerial Economics - Gupta and Mote 4. Economics - Samuel son & N or dhaus 5. Managerial Economics by Peterson and Lewis 6. Micro Economics – Dominick Salvatore 7. Macro Economics –
excess returns over the risk-free rate of each portfolio, and the excess returns of the long- . Journal of Financial Economics, Journal of Financial Markets Journal of Financial Economics. Journal of Financial Economics. Journal of Financial Economics Journal of Financial Economics Journal of Financial Economics Journal of Financial Economics .
