ASSIGNMENT 1
Please submit definitions for the following terms/concepts; also, use the term in a sentence or give an example
economic factors
consumption
scarcity
economic staple
natural advantage
comparative advantage
competitive advantage
gross state product
consortium
durable goods
demand
monopoly
demographics
metropolitan statistical area (MSA)
Next, please use this information, and sections 1-6 of the text to address the following:
Discuss the principal industries in Texas at the beginning of the twenty-first century, their origins, and future prospects. Based on what you know, evaluate the future prospects of the field for which you are training. In light of this knowledge, could you have a more stable and secure economic future if you changed plans? Explain.
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