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Scarcity is
The knowledge, efforts, and skills people bring to their work, also known as labor.
The condition that exists when wants exceed resources available to satisfy wants.
studies how individuals and societies seek to satisfy needs and wants through incentives, choices, and allocation of resouces
Government, which relies on tax revenues, is far less likely than private businesses to heed price signals
. Individuals decide what, how and for whom goods and services are produced.
A combination of a command and market economy.
Goods produced and used to make other goods and services.
The initiative to improve goods and services or create new ones.
Capital Resources is
The knowledge, efforts, and skills people bring to their work, also known as labor.
The condition that exists when wants exceed resources available to satisfy wants.
studies how individuals and societies seek to satisfy needs and wants through incentives, choices, and allocation of resouces
Government, which relies on tax revenues, is far less likely than private businesses to heed price signals
. Individuals decide what, how and for whom goods and services are produced.
A combination of a command and market economy.
Goods produced and used to make other goods and services.
The initiative to improve goods and services or create new ones.
Market economy
The knowledge, efforts, and skills people bring to their work, also known as labor.
The condition that exists when wants exceed resources available to satisfy wants.
studies how individuals and societies seek to satisfy needs and wants through incentives, choices, and allocation of resouces
Government, which relies on tax revenues, is far less likely than private businesses to heed price signals
. Individuals decide what, how and for whom goods and services are produced.
A combination of a command and market economy.
Goods produced and used to make other goods and services.
The initiative to improve goods and services or create new ones.
Socialist economy
The knowledge, efforts, and skills people bring to their work, also known as labor.
The condition that exists when wants exceed resources available to satisfy wants.
studies how individuals and societies seek to satisfy needs and wants through incentives, choices, and allocation of resouces
Government, which relies on tax revenues, is far less likely than private businesses to heed price signals
. Individuals decide what, how and for whom goods and services are produced.
A combination of a command and market economy.
Goods produced and used to make other goods and services.
The initiative to improve goods and services or create new ones.
Entrepreneurial Resources is
The knowledge, efforts, and skills people bring to their work, also known as labor.
The condition that exists when wants exceed resources available to satisfy wants.
studies how individuals and societies seek to satisfy needs and wants through incentives, choices, and allocation of resouces
Government, which relies on tax revenues, is far less likely than private businesses to heed price signals
. Individuals decide what, how and for whom goods and services are produced.
A combination of a command and market economy.
Goods produced and used to make other goods and services.
The initiative to improve goods and services or create new ones.
Mixed Economy
The knowledge, efforts, and skills people bring to their work, also known as labor.
The condition that exists when wants exceed resources available to satisfy wants.
studies how individuals and societies seek to satisfy needs and wants through incentives, choices, and allocation of resouces
Government, which relies on tax revenues, is far less likely than private businesses to heed price signals
. Individuals decide what, how and for whom goods and services are produced.
A combination of a command and market economy.
Goods produced and used to make other goods and services.
The initiative to improve goods and services or create new ones.
Economics is
The knowledge, efforts, and skills people bring to their work, also known as labor.
The condition that exists when wants exceed resources available to satisfy wants.
studies how individuals and societies seek to satisfy needs and wants through incentives, choices, and allocation of resouces
Government, which relies on tax revenues, is far less likely than private businesses to heed price signals
. Individuals decide what, how and for whom goods and services are produced.
A combination of a command and market economy.
Goods produced and used to make other goods and services.
The initiative to improve goods and services or create new ones.
Human Resources is
The knowledge, efforts, and skills people bring to their work, also known as labor.
The condition that exists when wants exceed resources available to satisfy wants.
studies how individuals and societies seek to satisfy needs and wants through incentives, choices, and allocation of resouces
Government, which relies on tax revenues, is far less likely than private businesses to heed price signals
. Individuals decide what, how and for whom goods and services are produced.
A combination of a command and market economy.
Goods produced and used to make other goods and services.
The initiative to improve goods and services or create new ones.
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