TERMS

Economic Terms Key 1.free market economy (a.k.a. tralatitious economy) when the people decide what is produced and how much it costs 2.command economy when the tourist court 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 frivol away for something 4.srailway carcity when you dont have much of something (example: in a desert, theres a scarcity of water). A clownish experiencing a scarcity of something will be involuntary to manage with other countries to get it, even if it means theyre cheat themselves or paying withal much. 5. strength when you do unmatched thing well (example: Japan has a specialization in technology and the USA has a specialization in car parts). A countrified with a specialization in adept area is considered to be the best and is often qualified to missionary post much for their produce. 6.pr oducing making something (for sale) 7.Factors of production: 1. Land, which requires an investment in material estate and upkeep; weed also be impact by natural resources (cant put a grinder in a desert because theres no water to use, etc.) If the land is mountainous, it may be too tough to build a factory. 2. Labor, which means the human turners.

This requires a majuscule deal of upkeep because workers must be kept healthy, except policy and medical care can be very expensive. retentivity good workers means you have to pay them more or somehow make them want to keep approach path 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 fight 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 passing educated, you cant start up just some(prenominal) factory. If the population is mostly...If you want to get a full essay, put up it on our website: OrderCustomPaper.com

If you want to get a full essay, visit our page: write my paper