Create an account
someone who is willing to take a risk to begin a new business which can create new markets and new jobs
producing those goods a coutnry can make most easily so they can trade them for goods made by others that cannot be produced locally
supply and demand
the price of goods rises or falls depending upon how much people want to buy it or how much of a good is available
the price to buy goods increases
when there is a limited supply of a good that people/countries want, what happens to the price
the price to buy goods decreases
when there is an abundant supply of a good that people/countries want, what happens to the price
system that converts from one currency to anotherso that goods can be bought and sold between countries with different economies
GDP -- Gross Domestic Product
the total value of goods and services produced in a year, divided by the total population
traditional economic system
economic system where customs and habits (the way it has always been done) determines what goods will be produced, how the goods will be produced and whom will produce the goods
command economic system
economic system where government planners determine what goods will be produced, how the goods will be produced and whom will produce the goods
market economic system
economic system where consumers (the people wo buy things) and the market determine what goods will be produced, how the goods will be produced and whom will produce the goods
mixed economic system
economic system that operates somewhere between a market and a command economic system
Why and how farmers were organized after the cultural revolution
In collective farms. Didn't matter how skilled the people were- all were forced to be farmers
Characteristics if the green revolution
Farmers were introduced to genetically altered grains,pesticides, farming methods, began in the 1600's. Increased income for farmers
How the Japanese economy makes up for the countries lack of natural resources
Invest in technology. Import raw materials. Invest in human Capitol.
Hiw the Japanese government promotes the countrys industrial growth and development
Makes sure the industry is as modern as possible. Advanced technology
How Japan remains so prosperous despite being an isolated country with little tommy natural resources
Very educated skilled workforce
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