farming techniques, Drip irrigation is the most efficient because it uses less water by using a slow constant supply of water directly at the base of each plant so that less water evaporates. This is very costly and are only used for small farming systems. The nutrient that are needed, what amounts in any given fields and how much is applied near the plant roots are determine by sustainable
Words: 1677 - Pages: 7
.What are three economic stances that a government may have? Describe each of these stances. Three economic stances a government may have are neutral fiscal, it is usually undertaken when an economy is in equilibrium. Many governments spend fully funded by tax revenue and has an overall outcome that has a neutral effect on the economic activity. 2. What are the four different types of economic resources? Describe each type. There are 4 different types of economic resources, there is land; which land
Words: 709 - Pages: 3
American society, and its success sets our country apart from others in many ways. Economic market exchanges promote freedom and individual power. Yet, in some ways, capitalism may undermine democracy and increase inequality both within the United States and across the globe. The role of capitalism is to increase economic activity, and the role of democracy is to enable citizens to collectively decide how this economic wealth generated should be divided and to decide what rules apply to public and private
Words: 507 - Pages: 3
Make Economic Decisions Paper Eco/212 September 28, 2010 Making Economic Decisions Economic decisions made by individuals can affect the economy. The principles of individual decision-making include people being rational, economic incentives, and optimal decisions made at the margin. Trading the three economic systems are market economy, centrally planned economy, and mixed economy. Each contains their own attributes on how they contribute to an economy. The current economic system in the
Words: 692 - Pages: 3
How People Make Economic Decisions By XXXXXXX ECO 212 February 13, 2011 Professor Jumoke Sanusi The three principles of individual decision making are trade-offs, which, according to the free dictionary means an exchange of one thing in return for another, especially relinquishment of one benefit or advantage, for another regarded as more desirable. An example would be giving up certain foods to lose weight. The second principle of individual decision making is opportunity costs. According
Words: 627 - Pages: 3
you caller. For the sake of the wider public; society is faced with the economic problem of scarcity, which exists because factors of production or to use common vernacular…resources…are finite while consumers’ wants are infinite. Economic systems are the systems employed by the state or nation to allocate these scarce resources and apportion goods and services in the national community. Now, there are three basic economic systems, planned, market and mixed…so I would now invite the panel to shed some
Words: 4083 - Pages: 17
Economic Factors American Intercontinental University Abstract In this paper, I will define and explain a closed system and provide an example. I will define and explain an open system and provide an example for it. I will also be explaining the inner and outer flows for both the closed and the open systems. I will then define and explain the leakages in an open system and define and explain the injections in an open system. Lastly, I will provide a personal example of a leakage and
Words: 530 - Pages: 3
1. Introduction 2. Political Environment (political system, structure, political parties, political risk) 3. Legal environment (legal system, legal issues in international business, legal risk) 4. Economic environment (economic system, main products and services, economic risk) 5. Monetary environment (currency system, currency risk) 6. Trade environment (major exports/imports, main trading partners, regional economic integration, tariff and trade barriers, government incentives
Words: 560 - Pages: 3
state are known as natural resources. Example: land, forests, oil deposits and water. 2. Capital: The inputs such as tools, machineries, equipment and buildings used to produce goods and services and get them to the customer. 3. Labor: The economic contributions of people working with their mind and muscle are called labor. 4. Entrepreneurship: People who combine the inputs of natural resources, labor and capital to produce goods and services. They are innovators and have new ideas.
Words: 647 - Pages: 3
Miguel Beatrice Capitalism is an economic system in which private individuals and business firms carry out production and exchange of goods and services through complex transactions involved in prices and markets. By extension called capitalist higher social class of this economic system ("bourgeoisie"), or to the common form would the individual interests of capital owners in both companies, shareholders and patterns, also called capitalism entire social and political order (law, idiosyncrasies
Words: 836 - Pages: 4
