Economy homework

DISCUSSION POINTS

1. Lessen Burden of Scarcity:​ Our premise this trimester is that a population continually strives to lessen its burden of

scarcity.

1. Why does a population strive to lessen its burden of scarcity?
2. How does the population in question accomplish this? List 3-5 major examples.

2. Comparative Advantage:​ The differences in regions’ comparative advantages encourage trade between those regions.
   1. List some advantages and disadvantages of the region in question that have encouraged trade with its immediate

neighbors.

2. Cite contemporary and historical examples (i.e. What do they trade?)

3. Labor:​ We identified three population characteristics that influence its ability to lessen its burden of scarcity: Quantity, Quality, and Talent / Culture.
   1. How would you describe each of the above characteristics for the region in question?
   2. What historical events have been major influences of each of the characteristics.
4. Land:​ The geological resources and geographical characteristics of a region strongly influence its culture and its ability to lessen its burden of scarcity.
   1. List 3-5 features that ​HINDER​ the region’s ability to produce? Explain your answers.
   2. List 3-5 features that ​HELP​ the region’s ability to produce? Explain your answers.
5. Capital / Infrastructure: (Energy and Transportation)​
   1. How would you describe the region’s ability to transport goods, food and people? Its effect on the region’s ability to

lessen its burden of scarcity?

2. How would you describe the region’s energy infrastructure? Its effect on the region’s ability to lessen its burden of

scarcity?

3. How would you describe the region’s financial institutions? Its effect on the region’s ability to lessen its burden of

scarcity?

4. What factors in the following categories hinder its ability to transport? Produce Energy?
5. Capital
   ii. Geographical

iii. Cultural

6. Culture: ​A culture of diversity is supposed to benefit a region in its productivity and its ability to lessen its burden of scarcity.
   1. What are the distinguishing features of the region’s culture?
   2. List 3-5 features that ​HINDER​ the region’s ability to produce? Explain your answers.
   3. List 3-5 features that ​HELP​ the region’s ability to produce? Explain your answers.