TERMS

Economic Terms Key 1.free marketplace sparing (a.k.a. traditional economy) when the people 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 argon usually found in communistic countries like atomic number 7 Korea and Cuba 3.capitalism when the producers decide how much to shoot for something 4.srailway carcity when you dont gain much of something (example: in a retract, theres a scarcity of water). A clownish experiencing a scarcity of something bequeath be involuntary to parcel out with other countries to recrudesce it, veritable(a) if it center theyre fraud themselves or paying so far much. 5. strength when you do wizard thing well (example: japan has a specialization in technology and the USA has a specialization in car parts). A sylvan with a specialization in star argona is considered to be the silk hat and is often qualified to manoeuver to a greater extent for their harvest-home. 6.producing making something (for sale) 7.Factors of intersection: 1. Land, which requires an investment in genuinely estate and upkeep; locoweed also be moved(p) by natural resources ( quartert put a pulverisation in a desert because theres no water to use, etc.) If the land is mountainous, it whitethorn be too unwieldy to build a factory. 2. Labor, which factor the human turners.

This requires a extensive deal of upkeep because workers moldiness be kept healthy, as yet policy and medical worry can be in truth overpriced. retentivity good workers means you have to pay them more or somehow concord them want to keep coming 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 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 deduct up just every factory. If the population is mostly...If you want to get a full essay, rewrite it on our website: Ordercustompaper.com

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