Essay Economics Guided Reading Answers

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ANSWER KEY Chapter 1 Chapter 1–1 II.D. the accumulation of those economic products that are tangible, scarce, useful, and transferable 1. scarcity of resources, which results from society not III.A. the market having enough resources to produce all of the things people would like to have III.B. the markets in which productive resources are bought and sold 2. A need is a basic requirement for survival and III.C. in product markets IV.A. the amount of output produced by a given amount of inputs in a specific period of time IV.B. They increase productivity. IV.C. Government can help provide education and health care; businesses can provide training; individuals can further their own…show more content…
Disadvantages: It does not provide for everyone’s basic needs; it does not provide enough of the services that people want and need; there is a relatively high degree of uncertainty; market economies can fail under certain conditions. Chapter 2–2 economic and social I.A.2. They can choose their own occupations, employers, and uses for their money. I.B.2. the freedom to choose where and how they produce I.C.1. Fewer goods and services are produced and fewer wants and needs can be satisfied. I.C.2. so that benefits gained are greater than costs incurred I.D.1. equal pay for equal work; forbidding advertisers to make false claims about their products I.D.2. laws that allow new car buyers to return their cars if they have too many repairs I.E.1. adverse economic events I.E.2. disability and retirement benefits I.F.1. They earn income for themselves while they produce goods and services for others. I.F.2. People cannot support themselves or their families, nor can they produce output for others. II.A. Consumers end up with fewer choices. II.B. It may raise unemployment and restrict the freedom of employers. Chapter 2–3 1. capitalism 2. free
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