Monday, October 2, 2017

Monday October 3

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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