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6 Cards in this Set
- Front
- Back
- 3rd side (hint)
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what is a market economy?
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a market economy uses voluntary exchange in markets as the primary means of organizing and coordinating production
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q
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what is a market
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a market is an arrangement that allows ppl to make exhanges with one another
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what is tangible
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goods are tangible
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what isnt tangible
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intangibles cannot be touched so that would be services
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Resources
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resources are the basic elements used to produce goods and services
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what is the difference between human and capital resources
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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
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