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Unformatted text preview: PRODUCTION Efficiency WORLD OF SCARCITY The Economic Problem (Universal) What? How? Can be satisfied in a variety of ways. Ex-many types of cars For Whom? The Economic System: The way people organize themselves to cope with an economic problem Pure N. Korea Russia US Hong Kong Pure Command Cuba China Singapore Market *Govt involvement *No govt; voluntary exchange All economic systems are a blend between the two markets. RES. GOODS & SERVICES ECON PIE WANTS...
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- Fall '08