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MIE 201 Test 1 Makanui Questions With Solutions 100% Solved $18.99   Add to cart

Exam (elaborations)

MIE 201 Test 1 Makanui Questions With Solutions 100% Solved

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  • Course
  • MIE-201
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  • MIE-201

MIE 201 Test 1 Makanui Questions With Solutions 100% Solved natural resources land, forests, minerals, water, and other things that are not made by people human resources (labor) the physical and mental abilities that people use to produce goods and services financial resources the funds u...

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  • October 7, 2024
  • 18
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • MIE-201
  • MIE-201
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UpperClass
MIE 201 Test 1 Makanui Questions With
Solutions 100% Solved

natural resources land, forests, minerals, water, and other things that are not made by

people




human resources (labor) the physical and mental abilities that people use to produce goods

and services




financial resources the funds used to acquire the natural and human resources needed to

provide products




economic system a description of how a particular society distributes its resources to

produce goods and service




communism first described by Karl Marx as a society in which the people, without regard

to class, own all the nation's resources




socialism an economic system in which the government owns and operates basic

industries but individuals own most businesses

, MIE 201 Test 1 Makanui Questions With
Solutions 100% Solved

capitalism (free enterprise) an economic system in which individuals own and operate the

majority of businesses that provide goods and services




free-market system pure capitalism, in which all economic decisions are made without

government intervention




mixed economies economies made up of elements from more than one economic system




demand the number of goods and services that consumers are willing to buy at different

prices at a specific time




supply the number of products-goods and services- that businesses are willing to sell at

different prices at a specific time




equilibrium price the price at which the number of products that businesses are willing to

supply equals the amount of products that consumers are willing to buy at a specific point in time

, MIE 201 Test 1 Makanui Questions With
Solutions 100% Solved
competition the rivalry amount businesses for consumers' dollars




pure competition the market structure that exists when there are many small businesses

selling one standardized product




monopolistic competition the market structure exists when there are fewer businesses than

in a pure-competition environment and the differences among the goods they sell are small




oligopoly the market structure that exists when there are very few businesses selling a

product




monopoly the market structure that exists when there is only one business providing a

product in a given market




economic expansion the situation that occurs when an economy is growing and people are

spending more money; their purchases stimulate the production of goods and services, which in

turn stimulates employment

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