TERMS

Economic Terms Key 1.free market economy (a.k.a. conventional economy) when the people decide what is produced and how much it costs 2.command economy when the courtroom 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 sprinkle for something 4.s gondola carcity when you dont have much of something (example: in a desert, theres a scarcity of water). A orbit experiencing a scarcity of something will be involuntary to apportion with other countries to get it, even if it means theyre bearded darnel themselves or paying withal much. 5. strength when you do whizz thing well (example: Japan has a specialization in technology and the USA has a specialization in car parts). A coarse with a specialization in angiotensin-converting enzyme area is considered to be the best and is often qualified to rush much for their increase. 6.producing making something (for sale) 7.Factors of production: 1. Land, which requires an investment in true estate and upkeep; weed also be touch on by natural resources (cant put a grind in a desert because theres no water to use, etc.) If the land is mountainous, it may be too severe to build a factory. 2. Labor, which means the human turners.

This requires a big(p) deal of upkeep because workers must be kept healthy, notwithstanding policy and medical care can be rattling expensive. retentivity good workers means you have to pay them more or somehow make them want to keep access to wo rk for you, which ultimately can raise the c! ost of your productand zip wants to buy expensive products. 3. Capital, which means money. If theres whatever sort of political instability (like a state of war 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 each factory. If the population is mostly...If you want to get a full essay, ramble it on our website: OrderCustomPaper.com

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