Name Date

SECTION READING STUDY GUIDE

4 Modern Economies in a Global

Age

• Before You Learned To function well,
market economies require the following:
protection of private property rights, voluntary
exchange in markets, competition, consumer
sovereignty, specialization, and minimal
government involvement in most markets.
• Now You Will Learn Modern economies
include aspects of traditional, command, and
market economies and, increasingly, have
global ties.

AS YOU READ Take notes to help you understand modern economies and trends such
economies follow.

1. Life in a Mixed 2. Types of Mixed 3. Trend 1 4. Trend 2

CHAPTER 2
Economy Economies
Copyright by McDougal Littell, a division of Houghton Mifflin Company

Today’s Trends in
Mixed Modern
Economies Economies

Modern
Economies

VOCABULARY mixed economy global economy

HUNT Circle each term
where it appears in your notes nationalize privatize
and be sure you’ve included
its definition. If a term does
not appear, write it beside the
box where it best belongs and
add a definition of the term.

Economics: Concepts and Choices Reading Study Guide 93

Chapter 2: Economic Systems Unit 1 Resource Book
 Name Date

MODERN ECONOMIES IN A GLOBAL AGE, CONTINUED

APPLICATION

Total Economic Government Government

Activity Spending Spending as % of
(in billions (in billions Total Economic
Country of dollars) of dollars) Activity

Mexico 699.5 184 26

South
801.2 189 24
Korea
CHAPTER 2

Vietnam 44.66 12.95 29

5. MARK IT UP! Reread your notes on mixed economies, and review how to calculate
the percent the government contributes to a nation’s economy. Write the formula next to
the table.

6. In terms of percentage, which government contributes the least to the country’s

economy?

Copyright by McDougal Littell, a division of Houghton Mifflin Company

7. Of the countries listed in the table, which do you think has an economy that leans the
most toward a command system? Explain.

8. How does the economy of the country you named in question 7 compare with the
economies of the other countries listed in the chart? Use numbers to support your answer.

94 Reading Study Guide Economics: Concepts and Choices

Unit 1 Resource Book Chapter 2: Economic Systems