Economics Chapter 2 Guided Reading – Flashcards
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a.) What goods and services should be produced? b.) How should these goods and services produced? c.)Who consumes these goods and services?
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What are the three key economic questions?
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scarcity
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Economics concept necessitating choices and priorities in any society?
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a.)efficiency b.)freedom c.)security and predictability d.)equity e.)growth and innovation
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Five basic economic goals and values guiding society's choice of system?
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Economic goals affect issues of present and future individual and social welfare ,national development,consumption,and equity.
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How might the goals of economic security and economic growth conflict?
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1.Goes by religious beliefs and history. 2. Basic technologies 3.Barter /Trade
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Characteristics of traditional economies:
