economic problem

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  • Created by: ishah
  • Created on: 11-05-13 17:55
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  • economic problem
    • public wants are unltd but resources are scarce
    • solved by free market - invisible hand
      • demand and supply decisions taken by individuals
    • pure-market economy
      • all resources privately owned
      • problems
        • consumers low priority
        • resources by state wasted
        • environmental damage
    • mixed economy
      • most economies are mixed to some extent


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