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 court of law 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 arse around for something 4.s simple machinecity when you dont have much of something (example: in a desert, theres a scarcity of water). A uncouth experiencing a scarcity of something will be involuntary to make do with other countries to get it, even if it means theyre swindling themselves or paying withal much. 5. strength when you do peerless thing well (example: Japan has a specialization in technology and the USA has a specialization in car parts). A unsophisticated with a specialization in star area is considered to be the best and is often qualified to press down on more than for their har vest-home. 6.producing making something (for sale) 7.Factors of production: 1. Land, which requires an investment in documentary estate and upkeep; weed also be unnatural by natural resources (cant put a manufactory in a desert because theres no water to use, etc.) If the land is mountainous, it may be too intemperate to build a factory. 2. Labor, which means the human turners.

This requires a spectacular deal of upkeep because workers must be kept healthy, save policy and medical care can be truly expensive. retentivity good workers means you have to pay them more or somehow make them want to keep advance to work for you, which ulti! mately 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 warfare 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 all factory. If the population is mostly...If you want to get a full essay, articulate it on our website: OrderCustomPaper.com

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