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Questions and Answers
Match the following economic problems with their descriptions:
Match the following economic problems with their descriptions:
Production = Creation of goods and services Distribution = Allocation of goods and services to consumers Consumption = Utilization of goods and services by individuals and households Growth Over Time = Increase in the production and consumption of goods and services over a period
Match the following economic systems with their characteristics:
Match the following economic systems with their characteristics:
Traditional Economic System = Predominantly farming or traditional income-generating activities Command Economic System = Government-controlled allocation of resources and production decisions Market Economic System = Private ownership and free market competition Mixed Economic System = Combination of private and public ownership with government intervention in the economy
Match the following factors of production with their definitions:
Match the following factors of production with their definitions:
Land = Natural resources used in production Capital = Assets and tools used in the production of goods and services Labor = Human effort and skill in the production process Physical Resources = Tangible materials used in production
Match the following economic system components with their descriptions:
Match the following economic system components with their descriptions:
Match the following economic terms with their definitions:
Match the following economic terms with their definitions:
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