Economic Systems3 Basic Economic Questions What are we going to produce (make)? How are we ointo roduce makeit? g g p ( ) For whom are we producing (making the goods)?4 Factors of Production Land: Provides (gives) the natural resources Labor: Provides the man ower. p Capital: Provides the equipment and tools to do the job Entrepreneur: The business person who provides the ideaTraditional System Decisions based on traditions, customs, and beliefs. No overnment control g Jobs handed do...
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