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| the ability to combine land, labor and capital to produce goods and services; requires initiave, risk taking, and organizational abilities. |
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| natutal resources utilized in the production process; land, crude oil, water, vegetation, minerals, etc. |
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| the human resource in production; human mental and/or physical efforts exerted in the production of goods and services. |
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| goods used to produce other goods in the production process: machines, equipment, tools, the factory, etc. |
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| customs or traditions which are the basis for deciding the questions of what, and for whom. |
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| the what, how, and for whom questions are answered by central economic planners( government policymakers) |
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| reliance on a system of prices (established by the interaction of the forces of supply and demand) guides economic decision-making |
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| the limitation of products; |
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| resources used to produce goods and services. |
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| is basically an exchange- to get something, you have to give up something. |
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