By Robert Brown

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Extra resources for Economics New Ways of Thinking Guided Reading and Study Guide Workbook

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This factor is price. The change is shown as movement along a demand curve. ) Answer questions 1–3 in the Section 2 Assessment on page 99 of your textbook. © EMC Publishing Guided Reading and Study Guide CHAPTER 4, SECTION 2 59 Name: ____________________________________________________ Date: ____________________ CHAPTER 4, SECTION 3 Outlining Activity Look through the chapter for an overview of the material. Pay attention to the main topics in the book. As you scan each section of the book, fill in the missing words in the following outline.

______________________ Versus Necessities C. Percentage of ______________________ Spent on the Good D. Time III. An Important Relationship Between Elasticity and Total Revenue A. Case 1: Elastic demand and a price increase cause total revenue to ______________________. B. Case 2: Elastic demand and a price decrease cause total revenue to ______________________. C. Case 3: Inelastic demand and a price increase cause total revenue to ______________________. D. Case 4: Inelastic demand and a price decrease cause total revenue to ______________________.

D. 30 surplus value wealth value of labor slavery Guided Reading and Study Guide © EMC Publishing 6. Which of the following is not one of the three economic questions all nations must decide how to answer? a. b. c. d. 7. Which of the following is often viewed as a cost of globalization? a. b. c. d. 8. How will goods be produced? For whom will goods be produced? What goods will be produced? What wages will workers be paid? more trade higher standard of living gains in American jobs more power to big companies Which of the following is viewed as a recent cause for movement toward more globalization?

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