Semester Test Review

Culture: The way of life of a group of people who share similar beliefs and customs.

Culture Traits that unify a

culture region

Religion

Language

Food Preferences

Celebrations

RulesGovernment

Music

Family Structures

Art

Educational System

©2012, TESCCC

Free Enterprise System

…is a market economy in which individuals depend on supply, demand, and prices to determine the answers to the four economic questions of “what to produce,” “how to produce,” “how much to produce,” and “for whom to produce.” The system has four characteristics: economic freedom, voluntary exchange, private property, and the profit motive.

©2012, TESCCC

Global Economic Systems

• Free Enterprise

• Socialism

• Communism

©2012, TESCCC

Communism

CapitalismSocialism

Government Control

Free Enterprise

Competition

Public Ownership (land and/or

natural resources

U.S.

©2012, TESCCC

Factors of Production

Defined: Inputs used in the production of goods

and services

Examples

Land

Labor Capital: $$

Entrepreneurs(People willing to

invest)

Mexico’s Economic System: Free

Enterprise/Free Market Economy

©2012, TESCCC

Mexico’s Economy• Monetary Policy: historically

Mexico has increased (printed more) money supply creating inflation and a devalue of their money.

• Lack of economic freedom (freedom to compete and protection of people)

• Corruption keeps the economy from growing because foreign investors are fearful of the instability.

• Manufacturing industries may take raw materials, buy materials from wholesalers, or buy materials from a retailer to make new products. – manufacturing in Mexico (Examples: clothing, toys, cars, houses, etc.

• Service industries provide intangible goods directly to the public, not final products – maquiladoras in Mexico (they provide labor, but companies are not Mexican), tourism as one of biggest industries after oil production.

©2012, TESCCC

Political CartoonsA political cartoon takes a situation and exaggerates the individual subjects to make a statement or political point.

National DebtThis cartoon is demonstrating what the artists believes to be a futile attempt being started to answer a much larger problem.