Southern states were known as the cotton kingdom because the cotton population in the south was rapidly growing. Rich plantation owners would grow cotton and sell them to the New England region to make clothes etc.
This economic system is called<em> socialism.</em>
Socialism is an economic system where everyone in the society equally owns the factors of production. The ownership as such is in the hands of the<em> government</em> that controls all means of production and distribution of goods.
The factors of production are : land, labor, capital and entrepreneurship.
In a socialistic economy, the land is owned by the state and private property is limited and difficult to obtain. Labor is heavily regulated and most people are employed in state-owned companies. Workers do not have many rights and they have to obey the government which also decides what is being produced and in which capacity ( planned economy ).
Socialism does not reward people for being entrepreneurial and competitive as competition is no existing and everybody reaps the same benefits of their work.
Effort is the expectation that successful performance of the task will lead to the desired outcome.
<h3>What is an Effort?</h3>
An Effort is any physical or mental activity that is carries out to achieve a goal or it is an attempt by some to carry out a task that is difficult or that involves hard work.
Effort also refer to hardwork in order to achieve a desired outcome.
Therefore, Effort is the expectation that successful performance of the task will lead to the desired outcome.
Learn more about Effort below.
brainly.com/question/890147
Answer:
Explanation:
Supply and demand should be thought of together. Suppose you need a hairbrush. You go to your local pharmacy and ask one of the clerks if they stock hairbrushes. They say no they don't. If the pharmacy is supposed to have hairbrushes and they don't, then the supply side does not meet the demand. That's too little supply.
So next you try the nearest grocery store and they say "Yes. For you it's $2.99."
Now you represent the demand, and the store represents supply. They have the hairbrush you want. But the store won't stock hairbrushes if in the last year, you are their first customer who wanted a hairbrush. You still provide the demand, but there is no supplier. So you go without a hairbrush.
The same thing can happen to the supply side. The store has 25 hairbrushes. You only want one. There are too many brushes on the supply side. The store, if they do that with everything, will go broke. Too much supply is just as bad as not enough.
