Hi, need to submit a 250 words essay on the topic Exam Review 1.the state provide institutional infrastructures that protect property rights, provide public goods, and allow firms and individuals to f

Hi, need to submit a 250 words essay on the topic Exam Review 1.

the state provide institutional infrastructures that protect property rights, provide public goods, and allow firms and individuals to freely take benefit of market opportunities.

A state is a sovereign entity within a specific territory that has the monopoly of using legal strong force to enforce its laws, a nation is a group of people that share a real or imagined common history identity, religion, morality, language, and traditions, they normally inhabit a particular country, while a nation-state is a country where the concept of nation agree with the political concept of state like israel. Industries locate to where they do because of several reasons such political stability allowing for smooth running of business, natural disasters such as flooding, this will ensure un-interruption of supply of raw materials, low cost of production for maximum profit and other reasons.

GINI coefficient is a statistic which measures the ability of score board. it measures the inequality between values of a frequency distribution. For instance, a GINI of zero cannot differentiate between bad or good while a GINI of 100% differentiate cases perfectly.

Fordism is a system of mass production and consumption characteristics of greatest developed economies during the time of 1940s to 60s. Under this, mass production combined together with the mass consumption will result in sustained economic growth and material development. Post-Fordism is industrial production state where industrial production has moved from mass production in large factories towards specialized markets based on smaller production units. Post-Fordism came as a result of essential changes in the international economy in early 1970s in which companies was forced to move from mass production to new tactics called flexible specialization. Clustering is the bringing together of various group of people based on factors like ethnicity, economics or religion.

Globalization is an historical process that started with