What Is a Factor-Driven Economy

question 28

Essay

What is a factor-driven economy?

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Definitions:

Importer or Exporter

Entities that are involved in the trade of goods across international borders, where importers bring goods into a country and exporters send goods out of a country.

World Price

The international market price of a good or service, determined by global supply and demand factors.

Importer or Exporter

An entity or country that buys goods from (importer) or sells goods to (exporter) other countries.

Exports

Merchandise or services developed in one country and exported to customers in another country.