Answer:
Capital - This is equipment and factories used in the production of goods and services.
Currency - the paper money and coins that make up the money supply of a nation
Entrepreneur - a person who takes the risk of a new business enterprise
Gross Domestic Product - The total value of all the goods and services produced within a country in a given year
Labor - This is one of the three main factors of production. It is the measure of the work done by people
Specialization - This is when each worker performs a specific task in production
Tariff - This is a tax on imported goods and is usually designed to protect domestic production of similar goods.
Trade Barrier - This is a restriction to regulate international commerce.
Explanation:
In Economics, the three main factors of production are 1) capital, which includes infrastructure, buildings and equipment required to produce goods 2) labor, which refers to the workforce used in the production process and 3) land, which consists mainly on natural resources. Entrepreneurship is often considered a fourth factor of production and refers to the venture of creating a new business, which is also needed to produce goods and services.
The concept of specialization of labor was born when Adam Smith proposed it as a powerful force to increase the productivity of a business, defining it as the performance of specific tasks by each worker.
The concept of Gross Domestic Product is the most common way to measure a country's wealth, by adding up the total amount of goods and services produced within the country, and is often measured in USD, which is the currency, or system of money accepted between countries.
Finally, countries might adopt measures to protect their key industrial sectors from international competition by applying tariffs (a form of tax on certain imported goods) or trade barriers, which are restrictions to imports, among other strategies.
