Section 4
Basic Economic Questions
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5 concepts
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Production Outputs
A firm's production outputs are what it creates using its resources: goods or services.
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Production Inputs and Process
Labor, capital, and land are the three necessary inputs for any production process.
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Production Recipients
The process of producing and distributing a good or service is called a supply chain, and it is composed of many economic actors.
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Differences Between Centrally Planned and Market Economies
The key difference between centrally planned and market economies is the degree of individual autonomy.
Mixed Economies
A mixed economy is a system that embraces elements of centrally planned and free market systems.