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studies how society chooses to use resources to produce and distribute goods and services for people's consumption
allows buyers and sellers acting in their individual interest to determine what, how, and for whom goods and services are produced.
the amount of a product offered for sale at a given price
the price at which the amount supplied and the amount demanded meet
Greater concentraion of exploitation on workers (proletariat) - porperty-less wage laborers.
a central authority makes the key economic decisions
communism, the state makes all the economic decisions
socialism, there is some form of private enterprise
a combination of a market and command economy