lesson 3 online
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these have extensive government control
centrally planned economies
What is the basis for trade?
comparative advantage
Why do entrepreneurs play a key role in the market system?
They bring together factors of production
How can a country gain from specializing and trade?
a country can specialize in producing that for which it has a comparative advantage and then trade for other needed goods and services
What are the two main categories of participants in markets?
firms and households
Which participants are of greatest importance in determining what goods and services are produced?
households
define entrpreneur
one that operates a business that produces goods and services