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Study with Quizlet and memorize flashcards containing terms like Definitions of economics, Classical economists, Definition of economics by Adam Smith and more.
Study with Quizlet and memorize flashcards containing terms like the situation in which some necessities of little value while some non-necessities have a much higher value is know as, Manufactured goods needed to produce other goods and services are called, To arrive at an economic decision, a decision-making grid must be used to evaluate and more.
Proprietary income refers to. revenue generated by government-run businesses. Revenues flowing to the government from government-run or government-sponsored businesses, such as public utilities and state lotteries, are known as: proprietary income. The total amount of U.S. tax revenue needed to finance the public sector:
Match. Study with Quizlet and memorize flashcards containing terms like Etymology of Economics, What is Economics?, What to Produce? and more.
1/311. Created by. jamesroschefski. These are all the IB economics terms and definitions that an IB Economics students need to know. This is to help IB Economics students remember terms and their definitions better. If there are some words that are in capital letters, it means it is important to remember or it is another term relating to the ...
Command Economy (Centrally Planned) (Communism) The government or ruling leader makes all the economic decisions and owns all of the property. Market Economy/Free Enterprise System (Capitalism) People are free to buy and sell whatever they can afford, government takes hands off approach. Mixed Economy.
Study with Quizlet and memorize flashcards containing terms like proprietary income, tax incidence, excise tax and more.
