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History | Graded Assignment | Semester Test Part 2: U.S. and Global Economics Name: Date: Graded Assignment Semester Test Part 2: U.S. and Global Economics Answer the following 10 questions based on what you have learned this semester. Each question is worth 10 points, for a total of 100 points. (10 points) Score 1. Describe the circular flow model of the free-market system. (10 points) Score 2. How do consumers use cost-benefit analysis? Why do consumers make different decisions using this process? (10 points) Score 3. Name two different market structures. Describe how and why they each have a different competitive situation. © 2013, 2009 K12 Inc. All rights reserved. Copying or distributing without K12’s written consent is prohibited. Page 1 of 4 History | Graded Assignment | Semester Test Part 2: U.S. and Global Economics (10 points) Score 4. What is the Law of Supply and Demand? Explain how increases and decreases in supply and demand affect prices. (10 points) Score 5. What is the business cycle? What causes changes from one phase of the business cycle to another? (10 points) Score © 2013, 2009 K12 Inc. All rights reserved. Copying or distributing without K12’s written consent is prohibited. Page 2 of 4 History | Graded Assignment | Semester Test Part 2: U.S. and Global Economics 6. Explain the different investment options someone with a high level of risk aversion might choose. What are the possible investment goals for this person? (10 points) Score 7. What are tariffs? What are some of the harmful effects of tariffs? (10 points) Score 8. Give an example of a public good and describe why it's a public good. Should the government provide this good? Why or why not? © 2013, 2009 K12 Inc. All rights reserved. Copying or distributing without K12’s written consent is prohibited. Page 3 of 4 History | Graded Assignment | Semester Test Part 2: U.S. and Global Economics (10 points) Score 9. What is globalization? Why does globalization benefit some countries more than others? (10 points) Score 10. There are a number of organizations designed to regulate the global economy and assist individual nations in the global economy. List and describe two such organizations. Your Score ___ of 100 © 2013, 2009 K12 Inc. All rights reserved. Copying or distributing without K12’s written consent is prohibited. Page 4 of 4 ...
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professormandy
School: UIUC

Please find attached the completed task. Thanks.

1
Running head: U.S. AND GLOBAL ECONOMICS

Title
Name
Institution

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U.S. AND GLOBAL ECONOMICS
Title

Circular Flow Model of the Free Market System
This is a representation of the flow of money (means of payment) and products (goods or labor)
in an economy with the inclusion of all participants in the economy such as firms or households
and the market is divided into two groups; market for goods and services and market for factors
of production or the factor market. The circular flow model shows where money goes and what it
is exchanged for and thus it includes injections (sources of money for an economy) and leakages
(how and where money is used).
The model includes businesses, households and governments. To add on this, there also is the
banking system that facilitates the exchange of money and helps to productively turn savings into
investment in the bid for economic growth. Goods and services flow in one direction while
money flows in the opposite direction.
Factors of production in an economy include land, capital, labor and entrepreneurship. Prices
corresponding to these factors of production are rent, wages and profit. People in households buy
goods and services from businesses to satisfy their needs and wants. They sell their labor, land
and capital in exchange for income that they use to buy goods and services produced by firms.
Businesses sell goods and services to households and earn revenue which generates profits. In
doing so, the businesses pay wages, interests and profits to households in return for the use of
their factors of production. Governments levy taxes on households and businesses in order to
provide benefits to everyone.

3
U.S. AND GLOBAL ECONOMICS
Leakages in an economy include taxes, savings and imports while injections include investments,
government expenditure and exports. Savings leak out to borrowers as it goes through the
banking system in which borrowers use the money to buy goods and services, which in return
inject money back to the economy.

In summary, circular flow model can be said to mean a representation of the inner workings of
the market system and specific actors in the economy. The model thus can be represented in a
diagram as:

4
U.S. AND GLOBAL ECONOMICS
Importance of the model include: it is used to measure the national income level, it provides
knowledge of interdependence between actors in an economy, it illustrates the unending nature
of economic activities and it shows injections and leakages in an economy.
Use of Cost-Benefit Analysis by Consumers
Cost benefit analysis is a systematic approach to estimating weaknesses and strength...

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