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Study Guide # 4-2: Economics Use the information and your knowledge of social studies to answer the question. Deng Xiaoping permitted peasants to sell crops from their own private plots at local markets if they first produced a quota. Motivated by the incentive to make a profit, peasants yielded increased agricultural production. Deng also allowed citizens to start their own businesses, to hire people to work, and to earn a profit from the labor of others. He also created many Special Economic Zones for foreign investors to build factories, use cheap Chinese labor, and export goods. Despite this success, China still lacked efficient energy and transportation systems. --adapted from History Alive! 1 Did Deng Xiaoping move China’s economy more towards a command economy, a socialist economy, or a market economy than his predecessor? 2 What causes consumer shortages in nations like China and Russia? Lack of efficient energy and transportation systems, lack of technology, strict government regulations, and control over product availability. Page | 1 STOP Use the information in the box to answer the question. natural resources labor capital entrepreneurs 3 The above list is known as the 4 Factors of Production 4 What important economic questions do these help societies answer? What to produce? How? For whom? 5 Identify the country that sits on both Europe and Asia. RUSSIA Page | 2 STOP The highest goals of people in a traditional economy are economic stability and security. Most want nothing more than to live as they always have, following traditional ways of life, in harmony with nature. For most traditional societies, though, this goal is increasingly difficult to attain. Traditional economies have become shrinking outposts of the past surrounded by the modern world. As modern economies exert an ever-growing influence, traditional societies are struggling to find a path to economic survival. 6 How would the goals of a command economy and a market economy differ from those mentioned above in a traditional economy? In a command economy, the government controls production, prices, and salaries. In a market economy, people are allowed to start a business, make a profit, and buy consumer goods. It’s free enterprise with little government interference. 7 How must people and corporations behave in a free enterprise system in order for it to function effectively? Morally or ethically. They have an obligation to operate with high values and not cheat the customer. Also, “White Collar” crimes should be eliminated. People should never steal from their own business. 8 The nation of France has a mixed economy. It has a free enterprise system with strong socialist systems to ensure that its citizens have economic security. France is part of a large group of nations on what continent? EUROPE Page | 3 STOP 9 France and many of its neighbors are a part of a special relationship commonly referred to as the European Union Use the image and your knowledge of social studies to answer the question. 10 Tell me where this occurred, why it was happening, and where situations like this are most likely to happen. Just outside of Tiananmen Square – Beijing, China. This gentleman was protesting the earlier use of force by the military who was responsible for the deaths of hundreds of citizens. These situations are more likely to happen in countries that have unlimited governments and don’t allow nonviolent political protests. Page | 4 STOP Use the information and your knowledge of social studies to answer the question. 11 What types of economies are pictured here? Create a Venn diagram to show their similarities and differences. Left: Traditional, Right: Market Similiarities: a variety of choices of goods, little government interference Differences: Traditional may trade goods for goods with no currency involved. Also, a region or country’s culture is a big part of their economy and they’ll produce what has always been produced. In a market, money is exchanged, more choices on products and newer items to buy. Also, a higher standard of living allows for more luxuries. Finally, market economies produce what will make a profit. Page | 5 STOP Use the information and your knowledge of social studies to answer the question. Cuba Estonia Distribution of Goods and Services In Cuba, there are often shortages of basic goods, including food. Because of these shortages, people have to depend on the government to ration, or give out, small amounts of food. Poor government planning is also a problem Government Policies The government controls all imports and exports. Money to start new businesses is generally unavailable in Cuba. Therefore, the government must buy goods from other countries, especially fuel, tractors, and food. Level of Economic Development The people of Cuba suffer from lack of food and poor living conditions. Cuba’s GDP per capita is a meager $1,800—one of the lowest in the world. Distribution of Goods and Services Estonian consumers can make their own decisions about what to buy. Companies compete to win customers and make profits. This competition often results in better goods and services. Prices are usually set by the market forces of supply and demand. Government Policies Government has focused on the idea of “trade, not aid.” The government uses no paper and has made a real jump to modern technology. 44% of their exports are electronics. Level of Economic Development Estonia has greatly improved their GDP over the last ten years. Its GDP per capita is $47,400. 12 Using the information above, identify which statements are lies and which statement is true. Reword the lies to make them true statements. There are many benefits to a free-enterprise system. True Government policies encourage spending in command systems. False. Does not encourage…money is unavailable. Consumers have equal advantages in both socialist and market economies. False. Advantages in market economy When companies compete, government planning is required. False. Competition results in better goods and services. No government aid. Page | 6 STOP Use the information and your knowledge of social studies to answer the question. Manufactured Goods 13 . Manufactured goods are produced from what factors of production? Natural Resources first. Labor second. Page | 7 STOP Use the information and your knowledge of social studies to answer the question. Despite some remarkable efforts by masses of people to complete large projects for their communes, the policies of the Great Leap Forward failed. Poor management of the People’s Communes caused many problems. Commune officials usually kept imprecise records of which workers did what, and some peasants learned how to work very little and receive free benefits. 14 Why were some workers unmotivated to do their best? They get paid the same regardless of how hard they work 15 How does this undermine an economy? Workers will not work as hard and produce less because they will get paid the same amount no matter how hard they work Page | 8 STOP Use the information and your knowledge of social studies to answer the question. Estonia’s GDP from 1995 until 2010 Year GDP in millions 1995 9.049 2000 13.595 2005 22.394 2010 24.689 16 What type of data would be appropriate to use in a circle graph (pie chart)? Problems involving a part to whole relationship usually with information listed as percentages. Ex.: Percentage of products that make up Estonia’s GDP. 17 When would a line graph be the best use of giving a pictorial representation of data? A line graph is used to show trends or changes over time. Ex.: The above chart would be best because you could show the increase every 5 years with a line graph. 18 Why would someone use a map to explain data? On a global scale, one could show where an item of data is spread out throughout the world (maybe with shading) or to show where natural resources occur. Page | 9 STOP 19 What type of data could a double bar graph be used for in order to convey information to a reader? Data comparing 2 countries or segments of a population where each double bar shows different categories. 20 Using the chart above which type of graph would be the most appropriate? Line graph 21 Explain the differences between a market economy, a command economy, and a traditional economy. Market economy promotes free enterprise with products available for consumers and profits attainable when running a business. Also, there is little government interference. A command economy has government control when it comes to setting the prices of goods and services, producing what government committees decide to produce. A traditional economy will produce what has always been produced and will rarely use currency or money. Also, a country’s culture is a big part of their traditional economy. 22 Explain the process of oil formation. The remains of plants and animals sink to the bottom of a sea or ocean. Over time, most of their remains turned to rock. The weight of the water, heat from the earth’s core, and chemical changes combine to transform some of the remains into oil and natural gas. P a g e | 10 STOP 23 List things that promote a European cultural identity. Flag, currency, European citizenship, lifting of tariffs for easier trade 24 List things that would work against building a cultural identity in Europe. Different languages and unique cultures (religions, celebrations, foods). 25 What do you think this map would be about? Petroleum (oil) resources found in the Middle East P a g e | 11 STOP In order for a country to become wealthy it must have four factors of production: land, labor, capital and entrepreneurship. The nation of Yemen has oil reserves of 2.8 million barrels but has a GDP rate of $2,700. Clearly, Yemen has one of these factors of production. 26What could explain why Yemen’s GDP rate is so low? They are missing labor and entrepreneurship and possibly capital. 27How would this graph look different if the countries of Europe were shown individually rather than as a group? Each European country would have a lower GDP than India. 28What would this tell you about their ability to compete on the global stage? Together as the EU, the European countries can compete on a global stage because they have enough resources. Individually, their economic power is severely lessened. P a g e | 12 STOP 29Describe the process shown in the above flow chart. Shows how petroleum (oil) is created and how it becomes useful products for people to use 30What are some of the products gained from this process? Plastics, gasoline, clothes, shingles, etc 31How does oil equate to power in the Middle East? This part of the globe supplies most of the world with this valuable non-renewable energy (oil). The more oil you have, the more power, and stronger economy you have. P a g e | 13 STOP 32Sweden, Finland, and France are all in the European Union. How is Sweden different from Finland and France? Sweden has a mixed economy – a free enterprise system mixed with strong socialist systems. This ensures economic security and healthcare. They do not use the euro. P a g e | 14 STOP Mexico Peru Bolivia Haiti P a g e | 15 STOP