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