AMERICAN VOTER'S GUIDE TO BASIC ECONOMICS -  DISCUSION GUIDE 1

SUMMARY OF CONTENTS

STRUCTURAL ECONOMIC ISSUES:

 

CHAPTER 1: Introduction to Discussion Guide provides the reader with a general overview of the book and why learning about the US economic system is important to every voter.  

 

The US economic system affects a large part of every citizen’s life.  Yet, very few citizens, this includes our Presidents and members of Congress, know much about how it works and fewer know how it affects their families.

 

Everything, in the form of defense, social (e.g. Social Security, Medicare, law enforcement), economic (e.g. oil and agricultural subsidies, R&D credit), etc. programs, relies on the structure of the underlying economic system. 

 

CHAPTER 2 – Developing a Sound Foundation addresses the mindset of most US voters; then, provides some questions (with answers) designed to help the voter determine his/her level of understanding of the US economic system.

 

Included in the questions is a question related to the relocation to China of a US Company’s manufacturing operations.  The chapter examines the question “Will US companies continue relocating operations to China if the USA corporate income tax rate is reduced to zero?”  

 

Next, the chapter covers select economic fundamentals including the Federal Reserve System’s dual mandate to control inflation and employment levels, basic definitions, and the key classes of Economic Units.

 

This is followed by an eye-opener exercise which “follows the money” from the point of a Federal Government expenditure through the private sector economy.

 

CHAPTER 3 - Basic Economic Relationships explores the relationships that exist within an economic system.  Subjects addressed include:

  • Where does an economy come from?

  • Development of an economic perspective

  • What is money?

  • The relationship amongst supply, demand, and cultural views.

 

CHAPTER 4 – Applied Wealth reviews the “hows” of the accumulation of personal wealth and the determination of earnings distribution.

 

CHAPTER 5 – Types of Economic Systems examines the key aspects that differentiate one economic system from another and the major types of systems.