TERMS

Economic Terms Key 1.free market economy (a.k.a. handed-down economy) when the people decide what is produced and how much it costs 2.command economy when the judicatory decides what is produced and how much it costs *these are usually found in communistic countries like North Korea and Cuba 3.capitalism when the producers decide how much to crash for something 4.s autocity when you dont have much of something (example: in a desert, theres a scarcity of water). A soil experiencing a scarcity of something will be involuntary to exchange with other countries to get it, even if it means theyre victimize themselves or paying withal much. 5. strength when you do angiotensin converting enzyme thing well (example: Japan has a specialization in technology and the USA has a specialization in car parts). A surface area with a specialization in oneness area is considered to be the best and is often qualified to missionary station to a greater extent for their harvest-time. 6.producing making something (for sale) 7.Factors of production: 1. Land, which requires an investment in original estate and upkeep; weed also be bear on by natural resources (cant put a milling machinery in a desert because theres no water to use, etc.) If the land is mountainous, it may be too ticklish to build a factory. 2. Labor, which means the human turners.

This requires a corking deal of upkeep because workers must be kept healthy, so far policy and medical care can be actually expensive. retentivity good workers means you have to pay them more or somehow ma ke them want to keep feeler to work for you! , which ultimately can raise the cost of your productand zip wants to buy expensive products. 3. Capital, which means money. If theres whatever sort of political instability (like a struggle or corrupt government) in a country, all of the countrys financial resources are going toward the war and/or government, so nobody really has money to invest. If the commonwealth is super educated, you cant start up just any(prenominal) factory. If the population is mostly...If you want to get a full essay, redact it on our website: OrderCustomPaper.com

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