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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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