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Virginia Tech EC 201 EC201 Chapter 1 Assignment Sheet 1)What are the factors of production? Give two examples of capital
Virginia Tech
EC 201
EC201 Chapter 1 Assignment Sheet
1)What are the factors of production? Give two examples of capital.
- Describe an example of an opportunity cost in your personal life.
- What role do entrepreneurs play in an economy?
- Explain what it means when an economy is producing “inside” the production possibilities curve.
- How does a mixed economy allocate goods and services?
- Define economics
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