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6 Cards in this Set

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  • Back
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what is a market economy?
a market economy uses voluntary exchange in markets as the primary means of organizing and coordinating production
q
what is a market
a market is an arrangement that allows ppl to make exhanges with one another
what is tangible
goods are tangible
what isnt tangible
intangibles cannot be touched so that would be services
Resources
resources are the basic elements used to produce goods and services
what is the difference between human and capital resources
Human resources consist of labor, the physical and mental efforts ppl use to create goods/services. Capital resources are the buildings, tools and machines ppl use to produce other goods and services