Finite (有限的) - : limited, Quantity (数量) - : number; amount, Scarcity (稀缺性) - : access to limited resources, Economics - : study of how limited resources are allocated between competing demands by different groups in society., (Factors of production: categories of resources) “Land”: - all of the planet’s natural resources, (Factors of production: categories of resources) “Labour”(劳动力): - manpower; individual works we provide, (Factors of production: categories of resources) “Capital”(资本): - man-made resources, (Factors of production: categories of resources) “Entrepreneurship”(企业家精神): - skills a person has to set up business, Command economy - One person or a group controls the decisions made in a production system, Command economy Example 1 - : Modern Russia or China (Communist governing body), Command economy Example 2 - : Feudalism(封建制度): monarch (kings and queens) and lords controls the economy, Market - : any place where buyers and sellers meet and do transaction, Market economy(市场经济) - -working and running secondary industries (individuals) that decide what to make and sell+-the economy is shaped by supply and demand, Command - 指令 or 命令,

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