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What is the Basic Economic Problem? Economics Factors of Production Circular Flow Chart Market Economy Command Economy Mixed Economy Economic Systems and Resources Chapter 2 Economics Factors of Production Circular Flow Chart Market Economy Command Economy Mixed Economy Economics – study of society; analyzes production, distribution, consumption of goods/services Economics Factors of Production Circular Flow Chart Market Economy Command Economy Mixed Economy Natural Resources Human Resources Capital Resources Entrepreneurial Resources Factors of production – all components necessary to produce a society’s goods/services Scarcity – shortage of resources
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