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Unformatted text preview: few goods o little specialization Money-medium of exchange (everybody accepts in return for goods & services)-facilitates exchange-allows for greater specialization specialization; increased at mcdonalds someone takers order someone fries French fries. . someone putting burger together as a result takes less time than if you did it all at your house invidual preferances; natural ability comes out experience (learning) no need to shift between tasks can pourchase labor saving machinery which may not be practicul at your house ( industrial milkshake maker) downside repitive, tedius health hazards ( keep pushing down all day) routine tasks PPF (SLIDE) prouction possibilities: an ecopnopmy has millions of different resources that can be combined in millions kinds of ways to produce millions of goods and services...
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This note was uploaded on 10/05/2011 for the course ECON 2005 at Virginia Tech.