Guided Reading Activity: Foundations of Government PDF

NAME _____________________________________________ DATE __________________ CLASS ___________ Guided Reading Activity...

NAME _____________________________________________ DATE __________________ CLASS ___________ Guided Reading Activity Foundations of Government Lesson 3 The Role of Government in Economic Systems Review Questions Directions: Locate each heading below in your text. Then use the information under the correct heading and subheading to help you write each answer. I. Fundamentals of Economics A. What six factors are found in every type of economy? B. List the three key questions that must be answered by all economic systems. C. Identify the three categories for classifying economic systems by how they work. Copyright © McGraw-Hill Education. Permission is granted to reproduce for classroom use. II. Capitalism A. How does the term laissez-faire describe the role of government in capitalism? B. Identify the five characteristics of pure capitalism. III. Mixed Economies A. What is a mixed economy? 1 NAME _____________________________________________ DATE __________________ CLASS ___________ Guided Reading Activity cont. Foundations of Government B. What makes the economy of the United States a mixed economy rather than a pure capitalist economy? IV. Socialism A. What is the goal of socialism? B. How is democratic socialism different from pure socialism? V. Communism, a Command Economy A. Why is the economy under a communist system called a command economy? Copyright © McGraw-Hill Education. Permission is granted to reproduce for classroom use. B. Summarize Karl Marx’s basic theory about communism. Summary and Reflection Directions: Summarize the main ideas of this lesson by answering the prompt below. Compare the role of the government in a mixed economy to the role of government in a socialist economy. 2