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Natural Resources is
Goods produced and used to make other goods and services.
A combination of a command and market economy.
Government, which relies on tax revenues, is far less likely than private businesses to heed price signals
The condition that exists when wants exceed resources available to satisfy wants.
. Individuals decide what, how and for whom goods and services are produced.
“Gifts of nature” that are present without human intervention (ex. land)
studies how individuals and societies seek to satisfy needs and wants through incentives, choices, and allocation of resouces
The knowledge, efforts, and skills people bring to their work, also known as labor.
Human Resources is
Goods produced and used to make other goods and services.
A combination of a command and market economy.
Government, which relies on tax revenues, is far less likely than private businesses to heed price signals
The condition that exists when wants exceed resources available to satisfy wants.
. Individuals decide what, how and for whom goods and services are produced.
“Gifts of nature” that are present without human intervention (ex. land)
studies how individuals and societies seek to satisfy needs and wants through incentives, choices, and allocation of resouces
The knowledge, efforts, and skills people bring to their work, also known as labor.
Economics is
Goods produced and used to make other goods and services.
A combination of a command and market economy.
Government, which relies on tax revenues, is far less likely than private businesses to heed price signals
The condition that exists when wants exceed resources available to satisfy wants.
. Individuals decide what, how and for whom goods and services are produced.
“Gifts of nature” that are present without human intervention (ex. land)
studies how individuals and societies seek to satisfy needs and wants through incentives, choices, and allocation of resouces
The knowledge, efforts, and skills people bring to their work, also known as labor.
Scarcity is
Goods produced and used to make other goods and services.
A combination of a command and market economy.
Government, which relies on tax revenues, is far less likely than private businesses to heed price signals
The condition that exists when wants exceed resources available to satisfy wants.
. Individuals decide what, how and for whom goods and services are produced.
“Gifts of nature” that are present without human intervention (ex. land)
studies how individuals and societies seek to satisfy needs and wants through incentives, choices, and allocation of resouces
The knowledge, efforts, and skills people bring to their work, also known as labor.
Market economy
Goods produced and used to make other goods and services.
A combination of a command and market economy.
Government, which relies on tax revenues, is far less likely than private businesses to heed price signals
The condition that exists when wants exceed resources available to satisfy wants.
. Individuals decide what, how and for whom goods and services are produced.
“Gifts of nature” that are present without human intervention (ex. land)
studies how individuals and societies seek to satisfy needs and wants through incentives, choices, and allocation of resouces
The knowledge, efforts, and skills people bring to their work, also known as labor.
Socialist economy
Goods produced and used to make other goods and services.
A combination of a command and market economy.
Government, which relies on tax revenues, is far less likely than private businesses to heed price signals
The condition that exists when wants exceed resources available to satisfy wants.
. Individuals decide what, how and for whom goods and services are produced.
“Gifts of nature” that are present without human intervention (ex. land)
studies how individuals and societies seek to satisfy needs and wants through incentives, choices, and allocation of resouces
The knowledge, efforts, and skills people bring to their work, also known as labor.
Mixed Economy
Goods produced and used to make other goods and services.
A combination of a command and market economy.
Government, which relies on tax revenues, is far less likely than private businesses to heed price signals
The condition that exists when wants exceed resources available to satisfy wants.
. Individuals decide what, how and for whom goods and services are produced.
“Gifts of nature” that are present without human intervention (ex. land)
studies how individuals and societies seek to satisfy needs and wants through incentives, choices, and allocation of resouces
The knowledge, efforts, and skills people bring to their work, also known as labor.
Capital Resources is
Goods produced and used to make other goods and services.
A combination of a command and market economy.
Government, which relies on tax revenues, is far less likely than private businesses to heed price signals
The condition that exists when wants exceed resources available to satisfy wants.
. Individuals decide what, how and for whom goods and services are produced.
“Gifts of nature” that are present without human intervention (ex. land)
studies how individuals and societies seek to satisfy needs and wants through incentives, choices, and allocation of resouces
The knowledge, efforts, and skills people bring to their work, also known as labor.
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