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Answering the Three Economic Questions
the structure of methods and principles that a society uses to produce and distribute goods and services
the income people receive in return for supplying factors of production
the amount of money a business receives in excess of its expenses
a set of government programs that protect people who face unfavorable economic conditions
standard of living
level of economic prosperity
the process of bringing new methods, products, or ideas into use
an economic system that relies on habit, custom, or ritual to decide the three key economic questions