Examlex
Components of the pegboard system include:
Trade
The exchange of goods, services, or both within and between countries.
Specialize
To focus on a particular area of production or work, allowing for increased efficiency and expertise in that area.
Scarcity of Resources
The fundamental economic problem of having seemingly unlimited human wants in a world with limited resources.
Necessity of Choice
An economic principle stating that due to scarce resources, individuals and societies must make decisions on how to best allocate those resources.
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