Capital-intensive products, such as cars and trucks, heavy construction equipment, and industrial machinery, are produced by nations that have a highly developed industrial base. Japan is an example
Land,labor, and capital are all resources of production necessary to produce goods and services.
land,labor, and capital are all resources of production necessary to produce goods and services
Intermediate Goods
Intermediate goods are used in the production of final goods. They consist of the materials used to create the final product.
When the Opportunity Cost or the tradeoff between the two goods is always at a constant rate.
Land,labor, and capital are all resources of production necessary to produce goods and services.
land,labor, and capital are all resources of production necessary to produce goods and services
Labor-intensive commodities, such as clothing, shoes, or other consumer goods, are produced in countries that have relatively low labor costs and relatively modern production facilities. China, Indonesia, and the Philippines are examples
Labor-intensive commodities, such as clothing, shoes, or other consumer goods, are produced in countries that have relatively low labor costs and relatively modern production facilities. China, Indonesia, and the Philippines are examples
Most of the slaves in the North were not necessary in the production of goods.
production of goods was increased
Society ensures the production of goods and services because people always have demands for something. Therefore, society provides demand for the supply (goods and services). Society's demands will never end because people always want food, education, water, shelter, and pleasures. It's simply in our nature and the production of the goods and services satiate this nature of ours.
Intermediate Goods
Intermediate goods are used in the production of final goods. They consist of the materials used to create the final product.
The intervening time is necessary for production or fabrication
The intervening time is necessary for production or fabrication
When the Opportunity Cost or the tradeoff between the two goods is always at a constant rate.