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Questions and Answers
What does a point on the interior of the Production Possibilities Curve (PPC) signify?
What does a point on the interior of the Production Possibilities Curve (PPC) signify?
Which economic system relies on traditions to determine economic decision-making?
Which economic system relies on traditions to determine economic decision-making?
What characterizes a 'barter' or 'primitive' economy?
What characterizes a 'barter' or 'primitive' economy?
Why are economies 2 and 3 often referred to as 'exchange' or 'modern' economies?
Why are economies 2 and 3 often referred to as 'exchange' or 'modern' economies?
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Which economic system relies on both markets and governments to allocate resources?
Which economic system relies on both markets and governments to allocate resources?
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What is the key difference between points on the PPC and points beyond the PPC?
What is the key difference between points on the PPC and points beyond the PPC?
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What type of economic system does Australia have?
What type of economic system does Australia have?
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What is a characteristic of subsistence economies?
What is a characteristic of subsistence economies?
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In subsistence economies, how are the 3 basic economic questions answered?
In subsistence economies, how are the 3 basic economic questions answered?
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What is a key feature of subsistence economies regarding production?
What is a key feature of subsistence economies regarding production?
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What role do customs and traditions play in subsistence economies?
What role do customs and traditions play in subsistence economies?
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What is the level of technology like in subsistence economies?
What is the level of technology like in subsistence economies?
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