ECONOMICS UNIT 1 Part 3 4.5 / 5 based on 2 ratings ? EconomicsASAQA Created by: Abby BogueCreated on: 15-03-13 20:20 Scarce Resources Resources that are limited or finite 1 of 9 Basic Economic Problem Resources are scarce but wants are unlimited 2 of 9 Land Natural resources that are used for production 3 of 9 Labour Human resources that are used for production 4 of 9 Capital Manufactured goods that are used for production 5 of 9 Enterprise Risk taking in the production process 6 of 9 Free Market Economy An economy in which what, how and for whom to produce are determined through the forces of supply and demand without state intervention 7 of 9 Command Economy An economy in which what, how and for whom t produce are determined by a state planning process 8 of 9 Mixed Economy An economy in which what, how and for whom to produce are determined partly through planning and partly through market forces 9 of 9
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