Management:Operation of an Economy

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Management:Operation of an Economy

An economy, or economic system, is the structure that a society uses in an attempt to satisfy as many wants as possible. Many economies today could produce almost any good or service that they wanted to. But because resources are limited they must decide what to produce so that they use their resources in the most efficient way. This is the basic question that faces every economic system, which arise from the basic problem of opportunity cost — if you satisfy one want, you have to give up another.

  • Added:2006
  • Country:Australia
  • Duration:21
  • Time of update:2011/8/15 16:32:53

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