It is fairly common for an industrial cluster to break up and for production to move to locations with lower wages when the technology of the industry is no longer rapidly improvinglong dashwhen it is no longer essential to have the absolutely most modern machinery, when the need for highly skilled workers has declined, and when being at the cutting edge of innovation conveys only a small advantage. explain this tendency of industrial clusters to break up in terms of the theory of external economies. as technological change and innovation slows in an industry,

Match the vocabulary word to the correct definition. 1. human resources department 2. job description 3. ethics 4. labor relations 5. occupational safety & health administration a. a detailed list of the functions and requirements for a position b. the exchange between the employer and employee c. principles that define appropriate conduct d. the government agency responsible for monitoring safety in the workplace e. the division of a business responsible for hiring, managing,maintaining, and firing the workforce

Self-interest achieve society’s economic goals because producers know which goods consumers want the most. as consumers and producers exercise their freedom to act in their own self-interest, markets will produce the desired goods at the lowest possible cost. consumers and producers both operate based on society’s economic goals. consumers know which goods can be produced at the lowest cost. there is a wide variety of desired goods and services in a market system because producers determine what to produce. consumers change their minds frequently. there is always a need to produce something new and improved. individual wants are diverse. what is produced is ultimately determined by consumers, because if the goods offered are not what consumers want, consumers will not buy them. producers, because they are driven by profits. producers, because they determine what to produce. consumers, because they participate in marketing surveys.

Your own record of all your transactions. a. check register b. account statement