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Economic systems
Title: Economic systems
Category: Law & Government / Government & Politics
Details: Words: 710 | Pages: 3.0 (approximately 235 words/page)
Economic systems
1: The “factors of production” are as follows:
· Natural resource (land, oil, etc.)
· Labor
· Capitol
· Knowledge
· Entrepreneurship
A mixed market (free) economy is much more efficient than a command and control
(planned) economy. With a mixed market, comes the law of supply and demand.
Products will only be produced if there is a demand for them. In a mixed economy
there is opportunity and room for invention, growth, and evolution because there is a
chance for …showed first 75 words of 710 total…
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…showed last 75 words of 710 total…outside of unions. (First took place in the late ‘50s, early
‘60s.) An example would be any clothing line on the market. Kathy Lee may be a
good, (but bad) example of this. She began the production of her clothing line
outside of the U.S., in order to cut labor costs. Sure, the labor sure was cheaper, but it
turns out she was employing children for pennies on the hour somewhere in the
Orient.
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