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___________________ Refer to Controls That Are Applied to Conditions to Be

question 33

Short Answer

___________________ refer to controls that are applied to conditions to be maintained and results to be obtained during the conversion process.


Definitions:

Economic Resources

Resources required for the production of goods and services, including labor, capital, land, and entrepreneurship.

Production Possibilities

The various combinations of goods and services that can be produced in a given timeframe, using all available resources and technology.

Economizing Problem

The fundamental economic issue of meeting people's virtually unlimited wants with scarce resources, requiring choices and priorities in resource allocation.

Unlimited Time

An indefinite duration without a specified end point or limit.

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