Term
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Definition
or economic system
is the organized way a nation provides for the needs and wants of its people |
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Term
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Definition
| all the things used in producing goods and services |
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Term
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Definition
economists use the term when they talk about resources
four catagories:
land
labor
capital
enterpreneurship |
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Term
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Definition
resource/factors of production
tangible resource
includes everything contained in the earth or found in the seas |
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Term
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Definition
resource/factors of production
intangible resource
refers to all the people who work |
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Term
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Definition
resource/factors of production
tangible resource
includes money to start and operate a business |
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Term
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Definition
is the physical developement of a country
included in capital
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Term
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Definition
resource/factors of production
intangible resource
refers to the skills of people who are willing to invest their time and money to run a business |
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Term
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Definition
| the difference between wants and needs and available resources |
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Term
| three basic economic questions |
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Definition
1. Which goods and services should be produced?
2. How should the goods and services be produced?
3. For whom should the goods and services be produced? |
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Term
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Definition
economy where traditions and rituals answer the basic questions
answers based on cultural or religious practicesand ideals that have been passed from one generation to the next |
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Term
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Definition
economy where there is no government involvement in economic decisions
individuals and companies answer the three basic economic questions |
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Term
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Definition
| economy that is a system in which a country's government makes economic decisions and decides the answers for the three basic economic questions |
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