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| resources used to produce goods and services |
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| natural resources used in the production process |
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| the human resouce in production; human manetal and/or physical efforts exherted in the production of goods and services |
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| goods used to produce other goods in the production process |
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| the ability to combine land, labor, and capitol to produce good and services; requires initiative, risk taking, and original abilities. |
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society's mechanism for economic decision-making. what is to be produced? how are goods and services to be produced? for whom are goods and services to be prodruced? |
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| custom or tradition is the basis for deciding the questions of what, how, and for whom. |
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| the what, how, and for whom questions are answered by central economic planners (government policy makers) |
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| interaction of buyers and sellers in the market place deturmines what will be produced, how it will e produced, and who will get the good or service. |
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| usually an economic system that is mainly market but has verying degrees of government regulation and decision making that alters market decisions. |
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