NAME _____________________________________________ DATE __________________ CLASS ___________

Economic Systems

Guided Reading Activity

Review Questions

Directions: Read each main idea and respond to the statements or questions below. Refer to your textbook as you write the answers.

A. Main Idea: Economic growth is essential to produce more goods and services for an expanding population.

1. What risks does economic growth require? Why does growth require sacrifice?

2. How does the production possibilities curve describe economic growth?

3. Explain how productivity affects economic growth.

4. What is human capital and what is one important way you can invest in your own human capital?

5. What have division of labor and specialization to do with economic growth?

Lesson 3 Using Economic Models

Guided Reading Activity 1

Program: Texas_Economics

Vendor: SPi Global

Component: Guided_Reading

Grade: [H. School]

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NAME _____________________________________________ DATE __________________ CLASS ___________

Guided Reading Activity cont.

Economic Systems

6. Give a reason why economic interdependence can benefit economies. Give a reason why it can challenge economies.

B. Main Idea: The product market and the factor market in an economy connect businesses and individuals in a cyclical flow of economic activity.

1. Where do buyers and sellers go to exchange a specific product?

2. What is the type of market where productive resources are bought and sold? What is the type of market where goods and services are bought and sold?

C. Main Idea: Simple models can explain complex economic ideas.

1. How do economic models help us understand unlimited and competing wants and help us make the best choices?

2. Describe a cost-benefit analysis you might make in your daily life.

2 Guided Reading Activity

Program: Texas_Economics

Vendor: SPi Global

Component: Guided_Reading

Grade: [H. School]

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ECON16_TX_TC_C01_L3_wsgra.indd 2 7/14/15 6:49 AM

NAME _____________________________________________ DATE __________________ CLASS ___________

Guided Reading Activity cont.

Economic Systems

3. Why would you want to use small steps to get to a big economic goal?

D. Main Idea: Knowledge of economics can help you understand how the U.S. economy functions, see the effects of decisions on your standard of living, better perform your civic duties, and understand the world around you.

1. Who makes production decisions in a free-market economy?

2. How can studying economics help you in your day-to-day life?

3. How can understanding economics make you a better citizen?

Guided Reading Activity 3

Program: Texas_Economics

Vendor: SPi Global

Component: Guided_Reading

Grade: [H. School]

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NAME _____________________________________________ DATE __________________ CLASS ___________

Guided Reading Activity cont.

Economic Systems

Summary and Reflection

Directions: Summarize the main ideas of this lesson by answering the questions below.

How does economic growth affect you? Why does understanding economics matter to you?

4 Guided Reading Activity

Program: Texas_Economics

Vendor: SPi Global

Component: Guided_Reading

Grade: [H. School]

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