Economics (The Basics)

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The individual makes all of the important economic decisions in this economic system.

If you have a seafood restaurant, the shrimp that you serve is an example of this Factor of Production.

You hire a new manager at your restaurant. This is an example of this Factor of Production.

The government makes all of the important economic decisions.

The basic difference between a trade off and opportunity cost is that an opportunity cost includes _________.

The maximum combination of goods or services that can be produced is this.

My grandfather was a hunter. My father was a hunter. I will be a hunter. Whath type of economic system is this?

The basic economic problem is how society deals with _________ of resources.