Economy
Team Fruity
Definition of economy
An economy is a system consists of the production, distribution or trade, and consumption of limited goods and services by different agents in a given geographical location. The economic agents can be individuals, businesses, organizations, or governments.
Jillian's Reasearch
Without the factors of production you couldn't produce goods because you couldn't. make anything without labor and land. And without goods, capital (money), and entrepreneurship you can't have a service. And without goods and services nobody will have a job or food. And without a job or food the life expectancy, literacy rate and GDP would go down. Resulting in the country going from industrialized to developing.
Nigeria
Life expectancy: 52.11
Literacy rate: 61%
United States of America
Life expectancy: 78.74
Literacy rate: 96%
Australia
Life expectancy: 82.1
Literacy rate: 96%
http://data.worldbank.org/indicator/NY.GDP.PCAP.CD
http://www.infoplease.com/world/statistics/life-expectancy-country.html
https://www.cia.gov/library/publications/the-world-factbook/fields/2103.html
Supply and Demand Video. Found By:Sophie
Deans Research
Sophie’s Research
Socialism: a person who advocates or practices socialism.
Communist Economy: an economy that supports or believes in the principles of communism.
Free Enterprise: an economic system in which private business operates in competition and largely free of state control.
"Free enterprise, also known as capitalism, is an economic system where the individuals in the economy have the freedom to create business and conduct economic activity with little or no government intervention. Capitalism is the predominant economic system of the world economy; the system has several important advantages that make it an efficient way to organize the economy."
Information from: http\\:classroom.synonym.com/advantages-enterprise-2562.html