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chapter 29 intro. to economics (Economic Resources (Labour (Wages),…
chapter 29 intro. to economics
An economy is a system of individuals, businesses& governments that produces, sells& buys goods&services.
Economics is the study of how individuals, organisations& governments make choices about how to allocate limited resources.
Economic Resources
Labour
Wages
Capital
Interest
Land
Rent
Enterprise
Profit
Economic System
an economic system is how a country controls its economic resources to produce goods&services.
Controlled economy
North Korea
Mixed economy
Ireland
Free economy
United States