1. Semester Test Review

2. 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 Rules Government Music Family Structures Art Educational System ©2012, TESCCC

3. 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

4. Global Economic Systems Free Enterprise Socialism Communism ©2012, TESCCC

5. CommunismCapitalism Socialism Government Control Free Enterprise Competition Public Ownership (land and/or natural resources U.S. ©2012, TESCCC

6. 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

7. 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

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

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