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The three economic resources used for making, selling, and using goods and services are land, labor, and capital. Entrepreneurship is also a factor in making, selling, and using goods and services.
True Economic growth occurs when there is an increase in the production of goods and services (GDP) of a certain period of time. With more resources available more goods or services can be produced
Markets or governments make economic decisions about how to most efficiently convert their resources into goods and services. The basic economic question that is being answer is how to produce.
Simply put, the availability of resources (goods and services), and adequate ability to afford said goods and services with adequate room and ability for them to grow as necessary.
The question markets or governments are answering when they make decisions about how to efficiently convert resources in to goods and services is How to Produce? This is part of a planned economy which tries to improve productivity.
Economic Resources
Allocating
The three economic resources used for making, selling, and using goods and services are land, labor, and capital. Entrepreneurship is also a factor in making, selling, and using goods and services.
The Economic System are the means by which countries and governments distribute resources and trade goods and services.
Money, goods & services
Allocating
Allocating Apex
True Economic growth occurs when there is an increase in the production of goods and services (GDP) of a certain period of time. With more resources available more goods or services can be produced
Demand will always force markets to make economic decisions to convert resources into goods and services. Without demand. There is any reason to convert the resources.
Markets or governments make economic decisions about how to most efficiently convert their resources into goods and services. The basic economic question that is being answer is how to produce.
The government decides where to invest resources.
The government decides where to invest resources.