Monday/Tuesday October 5-6 Work

Table of Contents # 5: Speculation/Prediction

Speculation/Prediction Journal.  Read each of the following statements and predict what an outcome would be. (Note: think about what type of economy each statement represents)

Speculation Prediction Journal

1. Russia enters a world war

2. 100 new business a day start up in Hong Kong

3. A harsh winter kills half of an Amish community’s crops

4. The United States outsources most of its automobile Industry to China

5. African tribes experience a severe drought

6. A democracy lends way to an Authoritarian government

7. African tribes receive better education on farming

8. Chinese leaders allow citizens to privatize industry

9. United States sends people to help African tribes with food and water.

10. Businesses only hire people with a college education

11. Amish children are allowed to attend college

12. Russian women aren’t allowed to work outside the house

13. American companies move all operations back to the United States

14. Germany privatizes all education

15. Canada’s government places an embargo on the United States

Command vs Market (Why Adam Smith was right DBQ)

Exam review for Wednesday/Thursday.  

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