Define Economics in Different Terms

1. Define economics using the following terms: allocation, distribution, goods, resources, production, and services. (2 points) 2. What is scarcity, and how does it affect supply and demand in the game of economics? (2 points) 3. List the main differences between a free-market system, a command economy, and a mixed economy. (5 points) 4. What type of economic system does the U.S. have? Justify your answer. (2 points)

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