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| in economics, rivarly among producers to sell products to consumers. |
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| those who use products and services. |
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| the study of the production, distribution and consumption of goods and services. |
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| the way a society organizes the production, distribution, and consumption of goods and services. |
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| the resources and processes involved in the production, distribution, and consumption of goods and services. |
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At this end of the spectrum, government makes all the decisions about how to solve scarcity. It owns and manages the resources needed to produce things. It plans what will be produced and decides how to use limited resources.
Characteristics:
-Resources are publicly owned.
-Government makes decisions on how to use resources.
-Individual consumers have little influence on economis decision making. |
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It combines private ownership and government control. For example, private businesses own some resources and the government owns others. In ______ economies, the level of government involvement fluctuates depending what political party is in power.
Charateristics:
-Some resources are publicly owned and some are privately owned.
-Individuals and government both make decisions about what to produce.
-Individual consumers and government influence economic desicion making |
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| in economics, the part of the economy owned and controlled by businesses and individuals. |
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| those who creat products and services. |
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| in economics, the part of the economy owned and controlled by government and paid for by taxes. |
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| consists of all the materials found in the natural environment needed to produce goods and services, such as renewable resources (ex. trees and raspberries) and non-renewable resources (ex. oil and gold) |
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| a shift on the economic continuum towards more government involvement in the economy. It is usally describe as taking more liberal position. |
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| what's best for society as a whole |
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| In economics, the idea that land (materials), labour and capital (money) limit the supply of what people want and need. |
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| Consists of the physical and mental effort needed to produce goods and services (ex. agricultual workers to produce foods, servers to staff resturants.) |
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| A shift on the economic continuum towards less government involvement in the economy. It usually described as taking more conservative position. |
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| Consists of the money that people own or borrow, and used to purchase equipment, tools and other resources to produce goods and servies. |
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| The wants and needs of consumers for products and services. The quality of goods that consumers will buy. (Buyer's point of view) |
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| The products and services created by producers. Quantity of a good that producers are willing to make and offer for sale in the market. (Producer's point of view) |
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