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Why is specialization is important in the operation of a market?
needs
scarce
None of the answers
A country understands how to best utilize its resources to reach maximum output.
All the answers
All the answers
Consumers and producers make their own economic choices
free market
Which of the following is considered a market?
needs
scarce
None of the answers
A country understands how to best utilize its resources to reach maximum output.
All the answers
All the answers
Consumers and producers make their own economic choices
free market
Which of the following is an advantage of free market economies?
needs
scarce
None of the answers
A country understands how to best utilize its resources to reach maximum output.
All the answers
All the answers
Consumers and producers make their own economic choices
free market
Which of the following statements describes the economic goal of efficiency?
needs
scarce
None of the answers
A country understands how to best utilize its resources to reach maximum output.
All the answers
All the answers
Consumers and producers make their own economic choices
free market
Markets are necessary because no one is able to provide all of their ________________.
needs
scarce
None of the answers
A country understands how to best utilize its resources to reach maximum output.
All the answers
All the answers
Consumers and producers make their own economic choices
free market
Adam Smith's concept of the invisible hand plays an important role in________________ economies.
needs
scarce
None of the answers
A country understands how to best utilize its resources to reach maximum output.
All the answers
All the answers
Consumers and producers make their own economic choices
free market
Economic systems must answer the three economic questions because resources are_______________.
needs
scarce
None of the answers
A country understands how to best utilize its resources to reach maximum output.
All the answers
All the answers
Consumers and producers make their own economic choices
free market
Which nation has a pure free market economy?
needs
scarce
None of the answers
A country understands how to best utilize its resources to reach maximum output.
All the answers
All the answers
Consumers and producers make their own economic choices
free market
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