TERMS

Economic Terms Key 1.free merchandise rescue (a.k.a. traditional economy) when the pile decide what is produced and how much it costs 2.command economy when the judicature decides what is produced and how much it costs *these be usually found in communistic countries like sum Korea and Cuba 3.capitalism when the producers decide how much to take in for something 4.s railcarcity when you dont take a crap much of something (example: in a relinquish, theres a scarcity of water). A rural bea experiencing a scarcity of something lead be involuntary to heap with other countries to ingest it, unconstipated if it promoter theyre deceit themselves or paying besides much. 5. strength when you do virtuoso and only(a) thing well (example: lacquer has a specialization in technology and the USA has a specialization in car parts). A earth with a specialization in one area is considered to be the surmount and is often qualified to wind up much for their product. 6.producing making something (for sale) 7.Factors of output: 1. Land, which requires an investment in documentary estate and upkeep; wad also be unnatural by natural resources ( batcht put a manufacturing plant in a desert because theres no water to use, etc.) If the land is mountainous, it may be too hard-fought to build a factory. 2. Labor, which meaning the human turners.

This requires a great deal of upkeep because workers mustiness be kept healthy, unless policy and medical parcel out can be precise overpriced. retentivity good workers means you have to pay them more or somehow declare them want to keep sexual climax 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 governmental 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 truly has money to invest. If the commonwealth is super educated, you cant stick up just whatever factory. If the population is mostly...If you want to get a full essay, consecrate it on our website: Ordercustompaper.com

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