Economic systems have 3 essential components: production, consumption, and exchange.

1) Define what they are and compare and contrast some of the examples from the "types" of societies, e.g. foraging vs. agriculture or industrial/digital?

After Watching the Youtube video "Political Theory" by Karl Marx......answer question #2

2) Karl Marx is a well-known critique of capitalism and was familiar with the economics of these types of societies that we learned about in the chapter. How, if at all, can his theory be used to better understand any current economic situation today?

After watching the YOUTube video "Bands,Tribes,Chiefdoms,and States"....... answer question #3

3) Identify how some of the modes of livelihood are being transformed today in the globalized world? Provide one or two examples.