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(also known as the command system; socialism or communism) an economic system that is controlled and organised by the state; which makes all the decisions about the development of the economy and also owns all the resources.
the ability of a firm or nation to produce goods and services of an acceptable quality and at...
these factors; such as labour and raw materials; change according to the output and are quick...
when consumption by one person does not reduce use by another person.
the sacrifice that has to be made every time a choice is made because of scarcity.