2.01 Economic Systems Vocabulary

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Which economy guarantees equal standard of living for everyone

Shortage of resources means

When the price is high the demand is what

Which one does not use technology

When the price is below the equilibrium price many people are willing to buy a lot of the product if the price is

This resources is found in nature that are uded toproduce goods

The study of how individuals and socieites seek to satisfy need and wants

The United States has a combination of market and command which ecomony is this