ECONOMICS
ECONOMIC DEVELOPMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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New international division of labor
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Outsourcing
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Post-Fordist production
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Primary industry
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Detailed explanation-1: -Unskilled Labor. This is the economic term for workers who are not trained to do a specific task or operate specialized machinery.
Detailed explanation-2: -Which of the following will lower the standard of living? Place restrictions on economic freedom. Our material standard of living can best be raised by: Increasing output faster than population increases.
Detailed explanation-3: -Offshoring Manufacturing. The practice of basing some of a company’s processes or service overseas, so as to take advantage of lower costs.
Detailed explanation-4: -Bulk-Reducing Industry. An industry in which the final product weighs less or comprises a lower volume than the inputs. Cottage Industry. Manufacturing based in homes rather than in a factory, commonly found before the Industrial Revolution.