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Name: _________________________________________________ Government Economics Review Guide Directions: Work in your groups to complete the review guide. There are two sections, Economic Policies and Economic Measures. Complete both sections and analyze the political cartoon provided at the end of the review guide. TOPIC: ECONOMIC POLICIES Vocabulary Definitions: 1. Fiscal Policy – President and Congress influencing the economy through government spending 2. Monetary Policy – Federal Reserve influencing the economy by controlling the money supply 3. Neoclassical Policy – Decrease government spending, decrease taxes on the wealthy 4. Keynesian Policy – Increase government spending, decrease taxes on the poor 5. Expansionary Policy – Federal Reserve expands the money supply, interest rates go down, helps improve the economy 6. Contractionary Policy – Federal Reserve reduces the money supply, interest rates go up, slows down the economy to combat inflation Questions 1. Which political party supports Neoclassical economics? Name a President associated with Neoclassical economics. Republicans, Ronald Reagan 2. Which political party supports Keynesian economics? Name a President associated with Keynesian economics. Democrats, Franklin D. Roosevelt Fiscal Policy Monetary Policy Entity in Charge President/Congress Federal Reserve Length of Impact Short Term Long Term Item Impacted Government Spending Money Supply Types Neoclassical, Keynesian Expansionary, Contractionary TOPIC: ECONOMIC MEASURES Vocabulary Definitions: 1. GDP – Gross Domestic Product, measures in dollars the final amount of goods and services produced by a country 2. CPI – Consumer Price Index, measures change in prices over time (inflation/deflation) 3. Inflation – Sustained increase in prices over time 4. Deflation – Sustained decrease in prices over time GDP CPI Measures Production Inflation and Deflation Formula Sum of all final goods and services produced (New Price/Old Price)*100 Economic Health Up: Good Down: Bad Up: Good Down: Bad POLITICAL CARTOON ANALYSIS Directions: List three symbols that you see in the political cartoon. Shortly describe the message of the political cartoon. 1. 2. 3. Message: