lesson 3 online

Réussis tes devoirs et examens dès maintenant avec Quizwiz!

these have extensive government control

centrally planned economies

What is the basis for trade?

comparative advantage

Why do entrepreneurs play a key role in the market system?

They bring together factors of production

How can a country gain from specializing and trade?

a country can specialize in producing that for which it has a comparative advantage and then trade for other needed goods and services

What are the two main categories of participants in markets?

firms and households

Which participants are of greatest importance in determining what goods and services are produced?

households

define entrpreneur

one that operates a business that produces goods and services


Ensembles d'études connexes

Chapter 16: During Labor and Birth

View Set

Sustainability Midterm, Business and Sustainability Midterm

View Set

Pharm Specific Neurodegenerative Disorders

View Set

US History: Chapter 9 Test Answers

View Set

Ch. 10: Stress, Coping, and Resilience

View Set

Introduction to Computers and Java

View Set

8.3 Test Review; Cellular Respiration and Photosynthesis

View Set

Cross Sectional Anatomy: Application Questions- Ch. 2 and Ch. 5

View Set

Income Statement, Retained Earnings, or Balance Sheet?

View Set

Chapter 6 Customer Driven Marketing Strategy: Creating Value for Target Customers

View Set