Economy - A system of individuals, organisations and governments that produce, sells and buys goods or services , Economics - the study of how individuals, organisations and governments make choices about how to allocate limited resources , Factors of production - economic resources used to produce goods and provide services , The basic economic problem - Needs/Wants are unlimited but resources are limited , Scarcity - The result between the gap between unlimited needs/wants and limited resources , Economic System - How a country controls its economic resources,

Intro to Economics

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