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As you finish your test, please get out a piece of paper and complete the 3 TPEQEA paragraphs for Unit 4. Unit 4 Reflection TPEQEA Prompts 1. Why aren’t used items counted in GDP? 2. Why would taxes be increased during the boom phase of the business cycle? 3. Why would the FED lower interest rates during the recession phase of the business cycle? Example #1: The information in this unit is very important, but only the most important information will be on the MSL. The types of economies will most likely be tested. One type of economy is market economy, and the United States is one. Since the test-takers live in the US, the test-makers want them to know about the country they live in. Understanding the different economies will help you to better understand the world, as well as the country you live in. Example #2: This unit is full of extremely important information. Economic systems allow a person to understand the inner workings of a country’s economy. While the United States runs on a mixed economy of capitalism and free enterprise, China runs on a command economy where the government makes all economic decisions. Citizens of the US cannot fully understand the workings of other countries without first understanding how their economy works. The varied economies around the world can bring countries together or tear them apart, but it is vital for a person to understand how economic systems work in order to understand how the world as a whole works. Example #3: The information learned in school will always find a way to emerge in the real world. In this unit, the four factors of production will come to life when working a business. Being an employee for a business is part of the labor factor; these people provide a special service. Without workers, business owners would have a hard time producing goods and services. These four factors affect everyone in society because they are seen in the workforce environment. As you finish your test, please get out a piece of paper and complete the 3 TPEQEA paragraphs for Unit 5. Unit 5 Reflection TPEQEA Prompts 1. Why might people choose to bank at a savings and loan rather than a commercial bank? 2. What is the purpose of a boycott? 3. What do you think our federal government needs to do in order to reach a balanced budget? Remember!! Topic: Introduces. Should be able to tell what prompt you are writing about from your Topic sentence Point: Answers the question. Be specific with content from Unit 5 Example: Define or give information about any content you mentioned in the Point sentence. Elaboration: Explain or give reasoning behind your answer to the prompt. Analysis: Ask WHY?? (maybe multiple times). Why does this stuff even matter?