The first factor of production is land. Land is the environment and agriculture of this country and how it is being used. “Romania is well-endowed with natural resources” (Nations Encyclopedia), this is an advantage for a country. Having natural resources helps many of their industries. Romania has sufficient supplies of petroleum, natural gas, coal, iron ore, timber, and salt (Nations Encyclopedia). All of these things contribute to what will be made and produced. While transitioning to a market economy, the coal sector has been hit the hardest (Nations Encyclopedia). Coal is one of the many things involved in the land production. “Coal production fell by 57 percent between 1989 and 1998, to a 28.6 million short tons, as the economy shrank and use of other, less-polluting fuels increased”(Nations Encyclopedia), this quote is showing the statistics on coal production through the years. During the last 5 years, Romania was forcefully pushed to close inefficient mines. They were pushed by the World Bank and Monetary Fund, this led to a negative impact on society both socially and economically (Nation Encyclopedia). The result of this caused many miners to lose their jobs and even pushed unemployment rate in parts of their country to 70 percent; even damaging the economy as well. “The current government has promised that the pit clos...
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...capital, total foreign investment amounting to EUR 37.7 billion” (FRD). This gives an insight of a number of foreign investors invested into Romania. “In 2013, investment by businesses and households accounted for 16.7% of the EU-28’s GDP, whereas the equivalent figure for public sector investment was 3.0%” (National Accounts). This shows some of the minimal percentiles in contribution to their GDP.
As learned, factors of production play big roles in Romania and their economic system. Without most of these factors, Romania would not be the same or even have the same opportunities, trades, employment or deals as it does today. Whether it is land, capital, labor or even entrepreneurship, they all seem to affect this country. There can always be negative impacts to things, but these roles of production have overall left Romania with a positive impact on their country.
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