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The Basic Economic Problem

The Basic Economic Problem

Economic systems spectrum from command to free market

Economics starts from scarcity: human wants are unlimited, but resources are limited. Because resources are scarce, every society must decide how to allocate them.

1.1.6 Free market economies, mixed economy and command economy Lesson

  1. A Level
  2. /Economics
  3. /1.1.6 Free market economies, mixed economy and command economy