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16: Review Your Knowledge
Compare the four basic types of economic systems.
Explain the economic problem that nations face.
Describe the concept of scarcity and how it applies to individuals, families, and the government.
Explain the concept of trade-off.
Describe each of the four factors of production.
Explain market forces in the economy.
Describe economic competition.
Why is the profit motive important to the economy?
Explain the concept of equilibrium.
How do the laws of supply and demand relate to the prices of goods and services in the marketplace?
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