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What are the four basic economic questions

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1. Describe the four resources that must be combined to organize and operate a business. How do they differ from the economist's factors of production?
2. What are the four basic economic questions? How are they answered in a capitalist economy?
3. How does capitalism differ from socialism and communism?
4. How is productivity related to the unemployment rate?
5. Define gross domestic product. Why is this economic measure significant?
6. What are the four phases in a typical business cycle? How are monetary and fiscal policies related to the business cycle?

Reference no: EM133019583

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