Tuesday, February 21, 2017

Tues/Wed Feb 21-22

Exam review for Thursday/Friday

REMEMBER:  It is not enough to simply define the words/phrases below each of the exam questions.  I need you to cite specific examples/sources that we have used in class in your answers.  This will show me you truly understand what the question is asking and the material.  

1. Compare and Contrast the 4 types of economies.  Give detailed analysis on how each type works and  characteristics of each.
·         Traditional
·         Market
·         Command
Mixed

2. Explain how Entrepreneurship and competition is beneficial to a Capitalistic society.
·         Technology
·         Internet
·         Role of Government
Specialization

3. Explain how scarcity forces countries to make decisions on the production of goods and services.
·         Needs vs. Wants
·         Energy
·         Resources
Education

4. Analyze how the Factors of Production play an important role in the production of goods and services.
·         Land
·         Labor
·         Physical/Human Capital
Geography

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