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GO # 14 Economic Concepts
Scarcity Resources
Choice Opportunity Cost
Price Incentives
Production Consumption
Supply Demand
Types of Economies
Every country must develop an economic system to determine how to use its limited productive resources. The key factor in detemrine the type of economy is the extent of _________________________. The type of economy a country has answer three basic questions.
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Tradiditonal Economy Free Market Economy
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Command Economy Mixed Economy
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No country relies exclusively on markets to deal with the economic problem of scarcity.
