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individuals trying to earn a profit by selling products or services
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provide goods & services but fundamental purpose isnt to earna profit
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study of how resources are distributed for the production of goods & services
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business owned and operated by government, no competition, profits go to government, high prices and limited choices of products, little career choice
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Government owns and operated major industries - individuals own small businesses, competition restricted in major industries but encouraged in small biz, profits from sm biz may be reinvested, gov industries keep profits, prices determined by supply & demand, some choice of products, some choice of jobs
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All businesses owned by individuals, competition encouraged, profits can be kept and used for whatever, wide variety of products, prices determined by supply & demand, unlimited career choices
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pure capitalism, government is kept out of everything
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economies made up of elements from different systems
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# goods consumers are willing to buy at different prices
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# of products businesses are willing to sell at different prices
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many small businesses selling one standard product (agriculture)
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few businesses and small differences in products (asprin, soda)
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very few business selling a product (airplane manufacturing)
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only one business selling a product
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continuing rise in prices
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Term
| gross domestic product (gdp) |
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sum of all the goods and services produced in a country during a year
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