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Unit 3 Test Wednesday May 13, 2015 Be prepared to define and explain the following (with examples where appropriate): Natural Resources Economics Labour GDP Per Capita Regional Disparity Scarcity Goods Services Rationing Impulse Buying Supply Demand Hidden Market Interest Aquaculture Compound Interest First and Second Stage Manufacturing Product Process In 3-5 sentences explain the following: 1. 2. 3. 4. 5. Explain the Law of Supply and Demand Discuss (with examples) the 4 sectors of our economy Explain how regional disparity and outmigration (& brain drain) are connected and what that means for our region. Discuss what Free Trade (NAFTA) means and how it works. Discuss the 3 revolutions in technology and how they’ve affected how humans live. Unit 3 Test Wednesday May 13, 2015 Be prepared to define and explain the following (with examples where appropriate): Natural Resources Economics Labour GDP Per Capita Regional Disparity Scarcity Goods Services Rationing Impulse Buying Supply Demand Hidden Market Interest Aquaculture Compound Interest First and Second Stage Manufacturing Product Process In 3-5 sentences explain the following: 1. 2. 3. 4. 5. Explain the Law of Supply and Demand Discuss (with examples) the 4 sectors of our economy Explain how regional disparity and outmigration (& brain drain) are connected and what that means for our region. Discuss what Free Trade (NAFTA) means and how it works. Discuss the 3 revolutions in technology and how they’ve affected how humans live. Unit 3 Test Wednesday May 13, 2015 Be prepared to define and explain the following (with examples where appropriate): Natural Resources Economics Labour GDP Per Capita Regional Disparity Scarcity Goods Services Rationing Impulse Buying Supply Demand Hidden Market Interest Aquaculture Compound Interest First and Second Stage Manufacturing Product Process In 3-5 sentences explain the following: 1. 2. 3. 4. 5. Explain the Law of Supply and Demand Discuss (with examples) the 4 sectors of our economy Explain how regional disparity and outmigration (& brain drain) are connected and what that means for our region. Discuss what Free Trade (NAFTA) means and how it works. Discuss the 3 revolutions in technology and how they’ve affected how humans live.
