a nations plan for answering the three economic questions is called its economic system.
the resources are owned and controlled by the government.
the resources are owned and controlled by the people of the country.
goods and services are produced the way it has always been done.
refers to the private ownership of resources by individuals,rather than by the government
is a person who buys and uses goods and services
are individuals and organization that determine what products and services will be available for sale.
is the quantity of a good or service that consumers are willing and able to buy.
refers to the quantity of a good or service that businesses are willing and able to provide.
is the point where supply and demand are equal
combines elements of the comand and market economies
the rivalry among businesses to sell their goods and services is known as competition