Flashcards - Basic Economic Concepts & Economic Systems

Flashcards - Basic Economic Concepts & Economic Systems
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economy
An economy is an area of the production, distribution, or trade, and consumption of goods and services by different agents in a given geographical location
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3 cards in set
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economy
An economy is an area of the production, distribution, or trade, and consumption of goods and services by different agents in a given geographical location
Reference groups
A reference group is a group to which an individual or another group is compared
productivity
Productivity is an average measure of the efficiency of production

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