1. What is the Free economy?
- When the government does not interfere with any business activity
- When prices are reduced on products to be fairer for cusomers
- When economy is at its peak
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2. What is the Commend economy?
- When the goverment choses what products should be sold, the price, place, amount etc.
- When you have public and private sectors
- When the local economy is very high and businesses are growing
3. What is the basic economic problem?
- Not enough workers to produce goods
- When there are not enough unlimited supplies for the factors of production
- When the economy is in decline
4. What is the private sector?
- Businesses owned by small groups of local people
- Businesses owned by private individuals
5. What is working capital?
- Profit from running a business
- Pays for wages, rent, supplies etc.
- Money needed to pay fro everyday items, for example machinery, tools
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