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What are the four factors of production?
central planner deciding what to produce.
free enterprise system.
land, capital, labor, entrepreneurship
WHEN to produce
declining purchasing power.
adjust to changes over time.
scarcity
by deciding what to purchase
How do consumers exercise their power in the American economy?
central planner deciding what to produce.
free enterprise system.
land, capital, labor, entrepreneurship
WHEN to produce
declining purchasing power.
adjust to changes over time.
scarcity
by deciding what to purchase
The American economic system can be described as having a
central planner deciding what to produce.
free enterprise system.
land, capital, labor, entrepreneurship
WHEN to produce
declining purchasing power.
adjust to changes over time.
scarcity
by deciding what to purchase
Which of the following is NOT a basic economic question?
central planner deciding what to produce.
free enterprise system.
land, capital, labor, entrepreneurship
WHEN to produce
declining purchasing power.
adjust to changes over time.
scarcity
by deciding what to purchase
During period of inflation, people living on a fixed income have
central planner deciding what to produce.
free enterprise system.
land, capital, labor, entrepreneurship
WHEN to produce
declining purchasing power.
adjust to changes over time.
scarcity
by deciding what to purchase
The government plays all of the following roles in the American economy EXCEPT
central planner deciding what to produce.
free enterprise system.
land, capital, labor, entrepreneurship
WHEN to produce
declining purchasing power.
adjust to changes over time.
scarcity
by deciding what to purchase
An advantage of a market economy is its ability to
central planner deciding what to produce.
free enterprise system.
land, capital, labor, entrepreneurship
WHEN to produce
declining purchasing power.
adjust to changes over time.
scarcity
by deciding what to purchase
What is the fundamental economic problem?
central planner deciding what to produce.
free enterprise system.
land, capital, labor, entrepreneurship
WHEN to produce
declining purchasing power.
adjust to changes over time.
scarcity
by deciding what to purchase
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