Use: T: Tortuga Bx: X Creates Bricks

question 68

Short Answer

use: t: Tortuga
Bx: x creates bricks
Cx: x is a city
Nx: x is nicely placed
Px: x is productive
Sx: x is a settlement
Tx: x has a trading port
Wx: x is on the water
-If Tortuga is a city, then some settlements are not nicely placed.

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Definitions:

Long Run

A period of time sufficient for all inputs in the production process to be adjusted, including both fixed and variable resources.

Short-Run Equilibrium

A state in which market supply equals market demand at a particular price level, but where all factors of production and costs are not fully adjustable.

Long-Run Equilibrium

A state in which economic forces such as supply and demand are balanced and in the absence of external influences the values of economic variables will not change.

Economic Expansions

Phases in the business cycle where the economy grows, characterized by increased output, employment, and consumer spending.