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15 cards from this deck
Factors that motivate/influence human behaviour & decision-making
Resources allocated via decentralized decisions of firms/households
Gov't makes all decisions on production & distribution of goods
Combines market & planned economy elements; private & public sectors
Financial (monetary rewards/penalties) & non-financial (moral/social)
Private ownership of resources and businesses
Prices act as signals for resource allocation
Resources owned & controlled by government
Meeting societal needs rather than profit
Both private & public sectors coexist
Goods/services produced at lowest possible cost
At minimum point on average cost curve
Resources distributed to maximize total benefit to society
P=MCP = MCP=MC (price equals marginal cost)
Resources used to maximize total benefit to society
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