term1 Definition1term2 Definition2term3 Definition3
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Front (Term)
Economy
Back (Definition)
System for organizing the allocation of resources to produce and distribute the goods and services that satisfy human wants
Four categories of economic resources
Land-natural resources
Labor-work
Capital-produces goods used to produce other goods & services
Entrepreneurial Ability-effort to organize the production process
Entrepreneur
Sets up the business and risks their borrowed money resulting in a profit or loss
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